1. Value of Production Index (VaPI)

The seasonally adjusted VaPI for total manufacturing declined at a monthly rate of -2.4 percent in June 2023 from a 1.9 percent monthly growth in May 2023. (Figure 1a, and Tables A and 1)

Similarly, the seasonally adjusted VaPI for food manufacturing declined at a monthly rate of -5.4 percent in June 2023. This was a faster decline from last month’s rate of -2.2 percent. (Figure 1b, and Tables A and 1)

2. Volume of Production Index (VoPI)

The seasonally adjusted VoPI for total manufacturing registered a decline in its monthly rate of -2.1 percent in June 2023 from a 2.4 percent month-on-month increment in May 2023. (Figure 2a, and Tables A and 2)

The seasonally adjusted VoPI for food manufacturing recorded a faster monthly decline of -5.6 percent from -2.2 percent in the previous month. (Figure 2b, and Tables A and 2)

3. Value of Net Sales Index (VaNSI)

The monthly rate of seasonally adjusted VaNSI for total manufacturing dipped by -2.6 percent in June 2023 after posting a 0.8 percent monthly increment in May 2023. (Figure 3a, and Tables A and 3)

Likewise, a monthly downturn of -2.3 percent was observed in the seasonally adjusted VaNSI for food manufacturing in June 2023 from a monthly uptick of 0.3 in the previous month. (Figure 3b, and Tables A and 3)

4. Volume of Net Sales Index (VoNSI)

The monthly growth rate of seasonally adjusted VoNSI for total manufacturing continued to decline in June 2023 at -1.1 percent from -0.2 percent in May 2023. (Figure 4a, and Tables A and 4)

Likewise, the seasonally adjusted VoNSI for food manufacturing registered a month-on-month decline of -2.1 percent this month from a 0.2 percent monthly growth in May 2023. (Figure 4b, and Tables A and 4)

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

Technical Notes

The Monthly Integrated Survey of Selected Industries (MISSI) generates the original series of the Value of Production Index (VaPI), Volume of Production Index (VoPI), Value of Net Sales Index (VaNSI), and Volume of Net Sales Index (VoNSI). These indices provide information on the performance of growth-oriented industries in the manufacturing sector.

This special release features the seasonally adjusted VaPI, VoPI, VaNSI, and VoNSI using X-13 Auto-Regressive Integrated Moving Average (ARIMA) of JDemetra+. The seasonally adjusted series show the trend of value and volume of production and net sales of the manufacturing sector without the effects of seasonal factors.

The decomposition model chosen for the seasonal adjustment for each index is shown below.