1. Value of Production Index (VaPI)

The seasonally adjusted VaPI for total manufacturing in October 2023 declined at a monthly rate of 3.8 percent from 1.2 percent monthly increment observed in September 2023. (Figure 1a, and Tables A and 1)

On the other hand, the seasonally adjusted VaPI for food manufacturing declined by 1.2 percent in October 2023. This was a slowdown from the previous month’s drop of 5.9 percent. (Figure 1b, and Tables A and 1)

2. Volume of Production Index (VoPI)

The monthly rate of the seasonally adjusted VoPI for total manufacturing declined by 4.1 percent in October 2023 from a month-on-month increment of 1.5 percent in September 2023. (Figure 2a, and Tables A and 2)

On the other hand, the monthly decline in the seasonally adjusted VoPI for food manufacturing eased to 0.3 percent in October 2023 from the 5.8 percent monthly drop in the previous month. (Figure 2b, and Tables A and 2)

3. Value of Net Sales Index (VaNSI)

In October 2023, the monthly rate of the seasonally adjusted VaNSI for total manufacturing contracted by 0.8 percent after posting a 2.3 percent monthly growth   in September 2023. (Figure 3a, and Tables A and 3)

Likewise, the month-on-month growth rate of the seasonally adjusted VaNSI for food manufacturing decreased by 1.2 percent during the month. This was a downturn from the monthly increase of 4.7 percent observed in the previous month. (Figure 3b, and Tables A and 3)

4. Volume of Net Sales Index (VoNSI)

A month-on-month decrease of 1.0 percent was observed in the seasonally adjusted VoNSI for total manufacturing in October 2023 after exhibiting a monthly increment of 2.5 percent in September 2023. (Figure 4a, and Tables A and 4)

Likewise, the seasonally adjusted VoNSI for food manufacturing declined by 0.5 percent month-on-month in October 2023 from a monthly increase of 4.6 percent registered in the previous month. (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.