A. Year-on-year Growth for May 2023

1. Value of Production Index (VaPI)

The VaPI for manufacturing maintained its upward trend, posting an annual increment of 10.3 percent in May 2023, faster than the April 2023 annual growth of 10.1 percent. In May 2022, the VaPI recorded an annual growth rate of 6.6 percent.  (Figure 2, Tables A and 1)

The annual upturn in the VaPI in May 2023 was mainly contributed by the faster annual increase in the manufacture of electrical equipment industry division at 54.2 percent in May 2023 from 19.5 percent in the previous month. The manufacture of electrical equipment contributed 26.7 percent to the uptrend of VaPI for the manufacturing section in May 2023. Out of the 22 industry divisions for the manufacturing section, manufacture of electrical equipment was the industry division with the 11th highest weight  in the computation of VaPI.

Other main contributors to the higher year-on-year growth of VaPI in May 2023 were the slower annual decreases in the manufacture of chemical and chemical products at -23.5 percent during the period from -33.3 percent in the previous month, and manufacture of computer, electronic and optical products with an annual decline of -7.1 percent in May 2023 from -9.4 percent annual drop in the previous month.

Of the remaining 19 industry divisions, 12 exhibited annual increments during the period. Meanwhile, seven industry divisions registered annual decreases during the month. The highest annual decrement was observed in manufacture of furniture at -28.0 percent.  (Tables B and 1)

The top three industry divisions contributing to the overall VaPI for manufacturing in May 2023 were the following:

a. Manufacture of food products with 51.1 percent share;
b. Manufacture of transport equipment with 43.4 percent share; and
c. Manufacture of electrical equipment with 12.2 percent share.

In May 2023, the VaPI for manufacture of food products registered an annual increment of 15.7 percent. This was slower compared with its April 2023 annual growth rate of 21.6 percent, but it is faster compared with its May 2022 annual increase of 10.0 percent.  (Figure 3, and Tables 1 and 1a)

The slowdown in the year-on-year growth of the VaPI for manufacture of food products in May 2023 was primarily driven by the lower annual growth rate of manufacture of dairy products at 23.8 percent in May 2023 from 40.1 percent in the previous month.

Other primary contributors to the lower year-on-year increment of VaPI for manufacture of food products during the month were the slower annual increases observed in processing and preserving of meat at 15.2 percent from 35.5 percent in the past month, and manufacture of other food products at 32.6 percent from 36.2 percent in April 2023. The manufacture of other food products industry group includes bakery products, sugar, condiments, among others.  (Table 1a)

2. Volume of Production Index (VoPI)

The VoPI for manufacturing registered a year-on-year increment of 8.1 percent in May 2023. This rate is faster than the annual increase of 7.7 percent in the previous month. In May 2022, however, VoPI recorded an annual drop of -0.6 percent.  (Figure 3, Tables A and 2)

The expansion in the annual growth of VoPI in May 2023 was mainly contributed by the annual upturn in manufacture of electrical equipment with 53.7 percent during the period from 19.2 percent in April 2023. The manufacture of electrical equipment shared 27.3 percent to the annual acceleration of VoPI of the manufacturing sector in May 2023.

Other primary contributors to the year-on-year uptrend of VoPI in May 2023 were the slower annual decline noted in manufacture of chemical and chemical products at -21.2 percent during the period from -32.2 percent in the previous month, and the annual increase in manufacture of beverages at 3.9 percent in May 2023 from -0.5 percent annual decrease in April 2023.

Of the remaining 19 industry divisions, nine exhibited annual increases during the period. Meanwhile, 10 industry divisions recorded annual decrements during the month. The highest annual decline was noted in manufacture of furniture at -31.3 percent.  (Tables C and 2)

The top three industry divisions contributing to the overall VoPI for manufacturing in May 2023 were the following:

a. Manufacture of transport equipment with 61.8 percent share;
b. Manufacture of food products with 48.4 percent share; and
c. Manufacture of coke and refined petroleum products with 20.1 percent share.

The VoPI for manufacture of food products registered an annual increment of 11.6 percent in May 2023. This was slower than the April 2023 annual growth of 16.2 percent. In May 2022, the VoPI for manufacture of food products posted an annual rate of 0.4 percent.  (Figure 3, and Tables 2 and 2a)

The slower annual growth of VoPI for manufacture of food products in May 2023 was mainly due to the slowdown observed in the annual rate of manufacture of dairy products industry group at 17.2 percent from 30.3 percent in the previous month. Other main drivers to the slower annual increase of VoPI for manufacture of food products were the slower annual increment in processing and preserving of meat at 11.5 percent during the period from 31.7 percent in the previous month, and the faster annual decline in processing and preserving of fruits and vegetables at -25.2 percent in May 2023 from -9.3 percent in April 2023.  (Table 2a)

3. Value of Net Sales Index (VaNSI)

The VaNSI for manufacturing exhibited an annual increment of 3.4 percent in May 2023, after posting an annual growth of 0.02 percent in the previous month. In May 2022, VaNSI recorded a double-digit annual increase of 17.1 percent.  (Figure 4, Tables A and 3)

The faster annual increment of VaNSI in May 2023 was mainly brought about by the acceleration in the annual increase of manufacture of transport equipment industry division at 23.4 percent in May 2023 from 2.4 percent in the previous month. The manufacture of transport equipment contributed 47.0 percent to the uptrend of VaNSI of the manufacturing section in May 2023.

Other main contributors to the higher annual growth rate of VaNSI in May 2023 were manufacture of computer, electronic and optical products with slower annual drop of -15.0 percent during the period from -19.8 percent in the previous month, and manufacture of food products with a higher annual rate at 14.1 percent during the month from 11.3 percent in April 2023.

In addition, 13 of the remaining 19 industry divisions registered year-on-year increases in May 2023. Meanwhile, six industry divisions posted annual declines during the period. The highest annual drop was observed in manufacture of furniture at -22.3 percent.  (Tables D and 3)

The top three industry divisions contributing to the overall VaNSI for manufacturing in May 2023 were the following:

a) Manufacture of food products with 84.4 percent share;
b) Manufacture of transport equipment with 55.1 percent share; and
c) Manufacture of beverages with 13.2 percent share.

The VaNSI for manufacture of food products posted a faster annual increment of 14.1 percent in May 2023 compared with its annual growth rates in April 2023 and in the same period in the previous year at 11.3 percent and 2.1 percent, respectively.  (Figure 5, and Tables 3 and 3a)

The higher annual growth of VaNSI for manufacture of food products in May 2023 was mainly contributed by the annual increase in the manufacture of dairy products industry group at 0.1 percent in May 2023 from an annual drop of -4.0 percent in the previous month. Other primary contributors to the higher year-on-year increase of VaNSI for manufacture of food products were the slower annual declines noted in manufacture of vegetable and animal oils and fats at -33.4 percent in May 2023 from -41.0 percent in the previous month, and processing and preserving of fruits and vegetables at -1.3 percent during the period from -5.9 percent in April 2023.  (Table 3a)

4. Volume of Net Sales Index (VoNSI)

The VoNSI for manufacturing grew at an annual rate of 1.4 percent in May 2023, after exhibiting an annual decline of -2.2 percent in April 2023. In May 2022, VoNSI posted an annual increase of 9.2 percent.  (Figure 4, and Tables A and 4)
              
The annual increase of VoNSI in May 2023 was primarily brought about by the higher annual increment of manufacture of transport equipment industry division at 26.9 percent in May 2023 from 4.5 percent in April 2023. This industry division contributed 48.1 percent to the uptrend of VoNSI of the manufacturing sector in May 2023.

Other main contributors to the annual upturn of VoNSI in May 2023 were manufacture of food products, which accelerated to 10.1 percent annual increase during the period from 6.3 percent in the previous month, and manufacture of computer, electronic and optical products, which had a slower annual decrease of -19.8 percent in May 2023 from -23.3 percent in the previous month.

Furthermore, 11 of the 19 remaining industry divisions exhibited annual upturns during the period. Meanwhile, eight industry divisions posted annual declines in May 2023. The manufacture of furniture posted the fastest annual drop of -25.9 percent during the period.  (Tables E and 4)

The top three industry divisions contributing to the overall VoNSI for manufacturing in May 2023 were the following:

a. Manufacture of transport equipment with 106.7 percent share;
b. Manufacture of food products with 101.4 percent share; and
c. Manufacture of coke and refined petroleum products with 22.6 percent share.

The VoNSI for manufacture of food products registered a faster annual increment of 10.1 percent in May 2023 from an annual growth of 6.3 percent in April 2023. In May 2022, VoNSI posted an annual drop of -6.9 percent.  (Figure 5, and Tables 4 and 4a)

The increase in the year-on-year growth of the VoNSI for manufacture of food products in May 2023 was primarily driven by the slower annual decrement in the manufacture of dairy products industry group at -5.2 percent during the period from -10.7 percent in the previous month. Other primary contributors to the year-on-year upturn of VoNSI for manufacture of food products were manufacture of vegetable and animal oils and fats with a slower annual drop of -25.4 percent during the month from -35.0 percent in April 2023, and manufacture of other food products, which registered a higher annual growth of 17.3 percent in May 2023 from 15.5 percent in the previous month.  (Table 4a)

CLAIRE DENNIS S. MAPA, PhD
Undersecretary
National Statistician and Civil Registrar General

 

 

 

 

 

 

 

 

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