VALUE OF PRODUCTION INDEX (VPI)
The VPI in key manufacturing enterprises rose by 8.1 percent to 484.9 in October 1997 from 448.7 last year. On a month-on-month comparison, the VPI increased by 0.4 from 483.0 in September 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 aimed to provide flash indicators on the performance of key manufacturing enterprises.
- Year-on-year
Year-on-year increases were observed in 11 out of the 16 major sectors. Electrical machinery (with an 82.2 % growth) contributed the biggest share of 69.6 percent to the year-on-year growth of VPI due to the gains in production of microcircuits. It was followed by chemicals (14.2 % increase) and petroleum products (6.6 % increase) with a 10.3 percent contribution each to the year-on-year growth.
On the other hand, three sectors registered double-digit year-on-year decreases in VPI. Food manufacturing declined by -13.6 percent which was the largest downward pull of -53.8 percent to the year-on-year performance. It was followed by decreases in transport equipment of -28.3 percent and paper and paper products, -25.6 percent.
- Month-on-month
Petroleum products grew by 24.6 percent over September 1997 contributing largely (67.9 %) to the month-on-month performance. It was followed by electrical machinery with an increase of 8.1 percent and food manufacturing, 3.6 percent.
However, wearing apparel (with a -15.5 percent decline) had the biggest downward pull of -41.5 percent to the month-on-month growth of the VPI. It was followed by transport equipment and basic metals which decreased by -18.0 and -5.5 percent, respectively.
VALUE OF PRODUCTION INDEX (OCTOBER 1997)
GAINERS OVER LAST YEAR YEAR-ON-YEAR CONTRIBUTION TO (unweighted) THE OVERALL GROWTH GROWTH RATE Electrical Machinery 82.2% 69.6% Miscellaneous 20.2% 0.7% Manufactures Furniture & Fixtures 15.8% 0.7% Wood & Wood Products 14.3% 4.1% Chemicals 14.2% 10.3% Beverage 12.1% 2.1% Petroleum Products 6.6% 10.3% Tobacco 4.6% 0.1% Basic Metals 2.2% 1.2% Textile 2.1% 0.9% Non-Metallic Mineral 0.2% 0.1% ProductsLOSERS OVER LAST YEAR YEAR-ON-YEAR CONTRIBUTION TO (unweighted) THE OVERALL GROWTH GROWTH RATE Transport Equipment -28.3% -23.8% Paper & Paper Products -25.6% -19.7% Food Manufacturing -13.6% -53.8% Rubber Products - 8.9% - 2.6% Wearing Apparel - 0.1% - 0.1%GAINERS OVER LAST MONTH MONTH-ON-MONTH CONTRIBUTION TO (unweighted) THE OVERALL GROWTH GROWTH RATE Petroleum Products 24.6% 67.9% Miscellaneous 21.1% 1.3% Manufactures Furniture & Fixtures 12.7% 1.0% Beverage 9.9% 3.0% Electrical Machinery 8.1% 12.1% Non-Metallic Mineral 6.7% 3.3% Products Tobacco 5.4% 0.1% Food Manufacturing 3.6% 10.1% Chemicals 1.0% 1.3% Wood & Wood Products 0.1% 0.0%LOSERS OVER LAST MONTH MONTH-ON-MONTH CONTRIBUTION TO (unweighted) THE OVERALL GROWTH GROWTH RATE Transport Equipment -18.0% -33.1% Wearing Apparel -15.5% -41.5% Basic Metals - 5.5% -16.6% Rubber Products - 4.0% - 2.6% Textile - 1.9% - 4.4% Paper & Paper Products - 1.1% - 1.9%VOLUME OF PRODUCTION INDEX (VoPI)
The VoPI is derived from VPI and Producer's Price Index with 1992 as the base year. The index is a measure of change in volume, net of inflation.
- Year-on-year
The VoPI for key manufacturing enterprises was estimated at 158.8 in October 1997 registering a year-on-year growth of 4.3 percent. Electrical machinery (with the biggest increase of 86.9 %) contributed a share of 91.0 percent to the year-on-year growth. Beverage and non-metallic mineral products followed with increases of 25.7 percent and 4.4 percent, respectively.
However, four sectors registered double-digit year-on-year decreases. Petroleum refineries decreased by -11.2 percent which was equivalent to a -26.6 percent downward pull on the VoPI growth. Other sectors that pulled down the VoPI growth were: wearing apparel with a -34.5 percent performance; paper and paper products, -40.6 percent, and transport equipment, -26.7 percent.
- Month-on-month
On a monthly basis, the VoPI increased by 0.2 percent from 158.6 in September 1997. Petroleum refineries (with a 23.7% gain) had the biggest share of 67.1 percent to the month-on-month performance of the VoPI. This was followed by food manufacturing with an increase of 4.3 percent and electrical machinery, 7.8 percent.
Meanwhile, wearing apparel (with a decrease of -15.5 %) posted the biggest downward pull of -36.4 percent to the month-on-month growth. Other sectors that notably contributed to the negative effects were transport equipment and basic metals with declines of -18.1 percent and -8.2 percent , respectively.
October 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 80.1 percent.
VOLUME OF PRODUCTION INDEX (OCTOBER 1997)
GAINERS OVER LAST YEAR YEAR-ON-YEAR CONTRIBUTION TO (unweighted) THE OVERALL GROWTH GROWTH RATE Electrical Machinery 86.9% 91.0% Beverage 25.7% 5.5% Furniture & Fixtures 13.7% 0.8% Other Manufacturing 10.3% 0.4% Industries Non-Metallic Mineral 4.4% 1.5% Products Wood & Wood Products 2.2% 0.8%LOSERS OVER LAST YEAR YEAR-ON-YEAR CONTRIBUTION TO (unweighted) THE OVERALL GROWTH GROWTH RATE Paper & Paper Products -40.6% -19.0% Wearing Apparel -34.5% -25.7% Transport Equipment -26.7% -13.7% Tobacco -12.6% - 0.3% Petroleum Refineries -11.2% -26.6% Basic Metals - 7.4% - 6.2% Textile - 6.0% - 3.8% Rubber Products - 5.7% - 1.0% Food Manufacturing - 1.4% - 3.3% Chemicals - 0.4% - 0.4%GAINERS OVER LAST MONTH MONTH-ON-MONTH CONTRIBUTION TO (unweighted) THE OVERALL GROWTH GROWTH RATE Other Manufacturing 24.5% 1.5% Industries Petroleum Refineries 23.7% 67.1% Furniture & Fixtures 11.8% 1.0% Beverage 9.9% 3.1% Electrical Machinery 7.8% 11.8% Tobacco 5.4% 0.1% Non-Metallic Mineral 5.2% 2.6% Products Food Manufacturing 4.3% 12.2% Chemicals 0.4% 0.6%LOSERS OVER LAST MONTH MONTH-ON-MONTH CONTRIBUTION TO (unweighted) THE OVERALL GROWTH GROWTH RATE Transport Equipment -18.1% -29.3% Wearing Apparel -15.5% -36.4% Basic Metals - 8.2% -21.8% Rubber Products - 4.0% - 2.3% Paper & Paper Products - 3.4% - 5.1% Textile - 2.1% - 4.2% Wood & Wood Products - 0.7% - 1.0%
