Monthly Integrated Survey of Selected Industries : May 1997

28 July 1997

 

VALUE OF PRODUCTION INDEX (VPI)

The value of production index (VPI) in key manufacturing enterprises slightly increased by 0.5 percent to 438.2 in May 1997 from 436.1 a year ago. On a month-on-month comparison, VPI decreased by 0.8 percent from 441.9 last April 1997. These figures were based on the results of the Survey of Key Enterprises in Manufacturing (SKEM), a regular monthly survey of the National Statistics Office (NSO) aimed to provide flash indicators on the performance of key manufacturing enterprises.

Year-on-year increases were observed in 9 out of 16 major sectors. In terms of the relative shares to the positive component of the year-on-year growth of VPI, electrical machinery contributed 54.5 percent and basic metals, 24.0 percent.

On the other hand, double-digit year-on-year decreases in VPI were posted by textile and petroleum products with 20.5 percent shares each to the negative component of the year-on-year performance. Chemicals, wearing apparel and transport equipment contributed 17.8 percent, 14.7 percent and 13.7 percent, respectively, to the downward pull on the year-on-year growth in VPI.

Double-digit month-on-month increases were observed in three (3) sectors. Basic metals posted the biggest equivalent share of 49.8 percent followed by electrical machinery and transport equipment at 24.0 percent and 16.8 percent shares, respectively, to the VPI growth.

On the other hand, chemicals, food manufacturing and petroleum products contributed 31.0 percent, 27.5 percent and 26.0 percent, respectively, to the negative component of the growth rate.

VALUE OF PRODUCTION INDEX


GAINERS OVER LAST YEAR           YEAR-ON-YEAR       CONTRIBUTION TO THE

                              (unweighted) GROWTH   OVERALL GROWTH RATE

Electrical Machinery                     33.5%                 54.5%

 

Basic Metals                                     22.3%                 24.0%

Misc. Manufactures                        16.0%                  1.1%

Furniture & Fixtures                      13.8%                  1.2%

Tobacco                                              13.7%                  0.4%

Non-Metallic Mineral Prod.         13.7%                  7.3%

Beverage                                                4.8%                  1.6%

Wood & Wood Products                3.7%                  2.1%

Food Manufacturing                          2.6%                  7.8%

 

 

 


  LOSERS OVER LAST YEAR        YEAR-ON-YEAR       CONTRIBUTION TO THE

                              (unweighted)GROWTH    OVERALL GROWTH RATE

Textile                                          -22.6%                  -20.5%

Transport Equipment               -18.7%                  -13.7%

Paper & Paper Products           -14.0%                   -9.3%

Wearing Apparel                       -13.8%                  -14.7%

Rubber Products                       -13.7%                   -3.5%

Chemicals                                    -11.4%                  -17.8%

Petroleum Products                  -6.1%                  -20.5%

 

 

 


GAINERS OVER LAST MONTH     MONTH-ON-MONTH         CONTRIBUTION TO THE

                         (unweighted) GROWTH       OVERALL GROWTH RATE

Basic Metals                            5.8%                       49.8%

Tobacco                                    3.9%                        0.9%

Transport Equipment            3.2%                       16.8%

Electrical Machinery           1.9%                       24.0%

Beverage                                  1.8%                        4.9%

Furniture & Fixtures           0.8%                        0.6%

Wearing Apparel                 0.4%                        3.1%

 

 


LOSERS OVER LAST MONTH      MONTH-ON-MONTH     CONTRIBUTION TO THE

                          (unweighted) GROWTH  OVERALL GROWTH RATE

 

Chemicals                                         -13.2%              -31.0%

Rubber Products                             - 8.1%              - 3.1%

Food Manufacturing                       - 5.3%              -27.5%

Petroleum Products                        - 5.1%              -26.0%

Non-Metallic Mineral Prod.        - 4.1%              - 3.7%

Paper & Paper Products                - 4.1%              - 4.0%

Textile                                                 - 2.4%              - 3.2%

Wood & Wood Products             - 1.5%              - 1.4%

Misc. Manufactures                        - 0.4%              - 0.0%

 

 

 

 

 


 

VOLUME OF PRODUCTION INDEX (VoPI)

The Volume of Production Index (VoPI) is derived from Value of Production Index (VPI) and Producer�s Price Index (PPI) with 1992 as the base year. The index is a measure of change in volume, net of inflation.

In May 1997, the VoPI of 147.4 for key manufacturing enterprises slightly decreased by 0.5 percent over the May 1996 index of 148.1. Petroleum refineries dipped by 17.3 percent and contributed the highest share of 35.0 percent to the year-on-year decrease. Other sectors that posted significant double-digit decreases and corresponding shares were paper & paper products (32.1 percent decrease and a 12.8 percent share), textile (26.3 percent decrease and a 14.3 percent share), wearing apparel (24.2 percent decrease and a 15.4 percent share), and chemicals (14.4 percent decrease and a 13.5 percent share).

On the other hand, year-on-year increases were observed in 8 sectors. Basic metals posted the biggest increase of 35.0 percent from 95.3 to 128.6 with a corresponding contribution to the overall growth rate of 25.9 percent. The electrical machinery and food manufacturing sectors contributed 38.4 percent and 23.9 percent respectively to the overall growth rate.

On a month-on-month basis, the VoPI decreased by 0.8 percent to 147.4 in May 1997 from 148.6 in April 1997. Chemicals fell by 12.3 percent and contributed the biggest share of 31.0 percent to the decline of VoPI. Other sectors that posted double digit shares to the negative component of the overall growth were petroleum refineries (28.0 percent) and food manufacturing (22.4 percent).

On the other hand, basic metals increased by 8.1 percent which represented a 59.9 percent share to the positive component of the growth. The growth of electrical machinery of 1.5 percent contributed a share of 17.2 percent. The 3.3 percent increase of transport equipment had a corresponding share of 14.7 percent.

The May 1997 SKEM covered 422 sample establishments located mostly in Metro Manila and engaged primarily in manufacturing. This report is based on a response rate of 84.1 percent.

VOLUME OF PRODUCTION INDEX


  GAINERS OVER LAST YEAR       YEAR-ON-YEAR      CONTRIBUTION TO THE

                              (unweighted)GROWTH    OVERALL GROWTH RATE    

Basic Metals                                        35.0%                 25.9%

Electrical Machinery                         34.3%                 38.4%

Beverage                                               17.6%                  4.0%

Other Mfg. Industries                        16.4%                  0.7%

Furnitures & Fixtures                         12.7%                  0.8%

Food Manufacturing                           11.3%                 23.9%

Non-Metallic Mineral Products        9.7%                  3.6%

Wood & Wood Products                   6.9%                  2.7%

 

 

 


  LOSERS OVER LAST YEAR           YEAR-ON-YEAR      CONTRIBUTION TO THE

                              (unweighted)GROWTH    OVERALL GROWTH RATE    

Paper & Paper Products            -32.1%                -12.8%

Textile                                           -26.3%                -14.3%

Wearing Apparel                        -24.2%                -15.4%

Petroleum                                     -17.3%                -35.0%

Transport Equipment                -17.0%                - 7.4%

Chemicals                                     -14.4%                -13.5%

Rubber Products                        -10.1%                - 1.5%

Tobacco                                          - 4.8%                - 0.1%

 

 

 

 


  GAINERS OVER LAST MONTH       MONTH-ON-MONTH      CONTRIBUTION TO THE

                              (unweighted)GROWTH    OVERALL GROWTH RATE

 

 

Basic Metals                                  8.1%                 59.9%

Tobacco                                         3.9%                  0.8%

Transport Equipment                 3.3%                 14.7%

Beverage                                       1.8%                  4.2%

Electrical Machinery                1.5%                 17.2%

Furniture & Fixtures                0.8%                  0.5%

Wearing Apparel                     0.4%                  2.7%

 

 

 


  LOSERS OVER LAST YEAR           YEAR-ON-YEAR      CONTRIBUTION TO THE

                              (unweighted)GROWTH    OVERALL GROWTH RATE    

Chemicals                                         -12.3%                 -31.0%

Rubber Products                              - 8.1%                 - 3.3%

Non-Metallic Mineral Prod.         - 6.3%                 - 6.1%

Petroleum Refineries                      - 5.1%                 -28.0%

Paper & Paper Products                - 4.1%                 - 4.4%

Food Manufacturing                      - 4.0%                 -22.4%

Textile                                                 - 2.4%                 - 3.5%

Wood & Wood Products               - 1.4%                 - 1.4%

Other Mfg. Industries                       - 0.4%                 - 0.0%

 

 

 


 

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