1. Value of Production Index (VaPI)

The seasonally adjusted VaPI for total manufacturing dropped at a monthly rate of 1.0 percent in December 2023 from the 1.1 percent monthly growth observed in November 2023. (Figure 1a, and Tables A and 1)

Likewise, the seasonally adjusted VaPI for food manufacturing exhibited month-on-month growth of 0.2 percent in December 2023. This was a slowdown from the previous month’s expansion of 2.9 percent. (Figure 1b, and Tables A and 1)

Furthermore, the seasonally adjusted VaPI of the industry divisions other than the manufacture of food products are shown in Table 1a.

2. Volume of Production Index (VoPI)

The monthly rate of the seasonally adjusted VoPI for total manufacturing decreased by 0.8 percent in December 2023. In November 2023, a 0.7 percent month-on-month growth was observed in VoPI for total manufacturing. (Figure 2a, and Tables A and 2)

Meanwhile, the monthly rate of the seasonally adjusted VoPI for food manufacturing slowed down by 0.4 percent this month from its November 2023 monthly rate of 2.4 percent. (Figure 2b, and Tables A and 2)

In addition, the seasonally adjusted VoPI of the industry divisions other than the manufacture of food products are shown in Table 2a.

3. Value of Net Sales Index (VaNSI)

In December 2023, the monthly rate of the seasonally adjusted VaNSI for total manufacturing improved by 2.2 percent from a 2.2 percent monthly drop in November 2023. (Figure 3a, and Tables A and 3)

Similarly, the monthly rate of the seasonally adjusted VaNSI for food manufacturing increased by 1.0 percent during the month. This is an upturn from last month’s decline of 1.9 percent month-on-month. (Figure 3b, and Tables A and 3)

Furthermore, the seasonally adjusted VaNSI of the industry divisions other than the manufacture of food products are shown in Table 3a.

4. Volume of Net Sales Index (VoNSI)

Month-on-month, the seasonally adjusted VoNSI for total manufacturing recovered in December 2023 by 1.8 percent from the 3.3 percent monthly drop observed in November 2023. (Figure 4a, and Tables A and 4)

Similarly, the monthly rate of the seasonally adjusted VoNSI for food manufacturing increased by 1.6 percent in December 2023. This is an improvement from last month’s contraction of 2.3 percent month-on-month. (Figure 4b, and Tables A and 4)

Moreover, the seasonally adjusted VoNSI of the industry divisions other than the manufacture of food products are shown in Table 4a.

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

See more at the Seasonally Adjusted Production Index and Net Sales Index (Monthly Integrated Survey of Selected Industries) landing page.

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.