· Value of Production Index (VaPI) follows a downtrend both in the 1994 and 1985-based series
The Value of Production Index (VaPI) of the manufacturing industry in December 2001 declined by 0.1 percent and 4.4 percent, respectively, both in the 1994 and 1985-based series, according to the preliminary results of the Monthly Integrated Survey of Selected Industries (MISSI).
YEAR-ON-YEAR GROWTH RATES OF VaPI
TOTAL MANUFACTURING
|
Series |
December 2001 |
November 2001 |
|
1994-based |
- 0.1 |
0.9 |
|
1985-based |
- 4.4 |
- 3.5 |
The VaPI in both the 1994 and 1985-based series depicted the same trend from December 2000 to December 2001 (see Figure 1).
Leather products registered the highest decrease of 62.7 percent in the 1994-based series due to its weak demand in the export market. Other sectors that pulled down the VaPI in both series were the following: petroleum products, tobacco, paper & paper products and wood & wood products (see Annex 1-A).
· Volume of Production Index (VoPI) continues its downtrend
For four consecutive months since September 2001, the VoPI for both the 1994 and 1992-based series continued to weaken, registering 11.3 percent and 4.5 percent decreases, respectively, in December 2001. Double-digit decreases for both series were observed in the following sectors: petroleum products, basic metals, tobacco, paper & paper products and wood & wood products (see Annex 1-B).
YEAR-ON-YEAR GROWTH RATES OF VoPI
TOTAL MANUFACTURING
|
Series |
December 2001 |
November 2001 |
|
1994-based |
- 11.3 |
- 10.8 |
|
1992-based |
- 4.5 |
- 4.3 |
Generally, the VoPI showed the same trend for both series from December 2000 to December 2001 (see Figure 3).
· Value of Net Sales on the downhill
The value of net sales in December 2001 fell by 0.4 percent and 2.8 percent in the 1994 and 1985-based series, respectively. Leather products posted the highest decrease of 63 percent in the 1994-based series. Double-digit decreases for both series were likewise observed in the following sectors: petroleum products, tobacco, paper & paper products, furniture & fixtures and wood & wood products (see Annex 2-A).
YEAR-ON-YEAR GROWTH RATES OF VALUE OF NET SALES
TOTAL MANUFACTURING
|
Series |
December 2001 |
November 2001 |
|
1994-based |
- 0.4 |
2.6 |
|
1985-based |
- 2.8 |
2.1 |
· Volume of Net Sales continues to decline
The volume of net sales registered 5.3 percent and 2.9 percent deceleration in December 2001 both in the 1994 and 1992-based series. Sectors that posted double-digit decreases were the following: tobacco, paper & paper products, furniture & fixtures and wood & wood products (see Annex 2-B).
YEAR-ON-YEAR GROWTH RATES OF VOLUME OF NET SALES
TOTAL MANUFACTURING
|
Series |
December 2001 |
November 2001 |
|
1994-based |
- 5.3 |
- 2.9 |
|
1992-based |
- 2.9 |
0.4 |
· Producer's Price Index continues to increase
Producer's price index (PPI) for total manufacturing increased by 12.7 percent and 0.2 percent in the 1994 and 1992-based series, respectively, for December 2001. Double-digit year-on-year increases for both series were observed in tobacco and cement (see Table 5).
YEAR-ON-YEAR GROWTH RATES OF PRODUCER'S PRICE INDEX
TOTAL MANUFACTURING
|
Series |
December 2001 |
November 2001 |
|
1994-based |
12.7 |
13.2 |
|
1992-based |
0.2 |
0.9 |
· Capacity Utilization
The proportion of responding establishments that operated at full capacity (90%-100%) in December 2001 were 20.5 percent and 21.7 percent in the 1994 and 1985-based series, respectively. About 41 percent of the responding establishments operated at 70% - 89% capacity in the 1994-based series, higher by 0.5 percentage point in the 1985-based series at 40.5 percent. Responding establishments operating below 70% capacity accounted for 38.4 percent and 37.8 percent in the 1994 and 1985-based series, respectively.
DISTRIBUTION OF KEY MANUFACTURING ESTABLISHMENTS
BY CAPACITY UTILIZATION
TOTAL MANUFACTURING, DECEMBER 2001
(In percent)
|
Capacity Utilization |
1994-based |
1985-based |
|
Below 50% |
14.1 |
12.8 |
|
50% - 59% |
11.0 |
11.1 |
|
60% - 69% |
13.3 |
13.9 |
|
70% - 79% |
18.6 |
18.1 |
|
80% - 89% |
22.4 |
22.4 |
|
90% - 100% |
20.5 |
21.7 |
Average capacity utilization rate for December 2001 for total manufacturing was estimated at 76.9 percent in the 1994-based series, 2.2 percentage point lower than the 79.1 percent registered in the 1985-based series. Sectors that posted more than 80% capacity utilization rates in the 1994-based series were the following: rubber products, petroleum products and machinery excluding electrical. On the other hand, sectors registering more than 80% capacity utilization in the 1985-based series were the following: food manufacturing, wood & wood products, furniture & fixtures, rubber products and petroleum products (see Annex 3-A).
AVERAGE CAPACITY UTILIZATION FOR TOTAL MANUFACTURING
(In percent)
|
Series |
December 2001 |
November 2001 |
|
1994-based |
76.9 |
76.6 |
|
1985-based |
79.1 |
77.5 |
· Response Rates
The response rates for December 2001 in the 1994-based and 1985-based series are 86.7 percent and 88.1 percent, respectively. These are based from the results of year-end responses of 500 and 450 sample establishments of the respective series (see Table 6).
RESPONSE RATES FOR TOTAL MANUFACTURING
(In percent)
|
Series |
December 2001 |
November 2001 |
|
1994-based |
86.7 |
91.3 |
|
1985-based |
88.1 |
93.2 |
Notes: Revisions on the figures were due to the inclusion of reports of the sample establishments which were not received on the cut off date.
|
|
(Sgd.) CARMELITA N. ERICTA |
ANNEX 1-A
VALUE OF PRODUCTION INDEX, DECEMBER 2001
|
Gainers |
Year-on-Year Growth (%) |
|
|
1994-based |
1985-based |
|
|
Food Manufacturing |
13.7 |
16.2 |
|
Chemical Products |
15.7 |
5.5 |
|
Footwear & Wearing Apparel* |
30.7 |
n.a. |
|
Publishing & Printing* |
58.3 |
0.3 |
|
Non-Metallic Mineral Products |
20.1 |
13.8 |
|
Machinery Excluding Electrical* |
39.3 |
n.a. |
|
Beverages |
2.0 |
2.0 |
|
Transport Equipment |
1.6 |
1.3 |
|
Miscellaneous Manufactures |
5.0 |
25.1 |
|
Losers |
Year-on-Year Growth (%) |
|
|
1994-based |
1985-based |
|
|
Petroleum Products |
- 23.9 |
- 23.8 |
|
Tobacco |
- 34.1 |
- 34.1 |
|
Paper & Paper Products |
- 30.6 |
- 31.1 |
|
Basic Metals |
- 9.1 |
- 11.1 |
|
Electrical Machinery |
- 3.2 |
- 6.7 |
|
Fabricated Metal Products* |
- 19.0 |
n.a. |
|
Textiles |
- 6.6 |
- 7.3 |
|
Wood & Wood Products |
- 10.4 |
- 24.0 |
|
Leather Products* |
- 62.7 |
n.a. |
|
Rubber Products |
- 7.3 |
- 9.2 |
|
Furniture & Fixtures |
- 5.9 |
- 3.3 |
|
Gainers |
Month-on-Month Growth (%) |
|
|
1994-based |
1985-based |
|
|
Basic Metals |
49.7 |
24.9 |
|
Beverages |
17.5 |
17.5 |
|
Footwear & Wearing Apparel* |
18.4 |
n.a. |
|
Chemical Products |
6.4 |
5.4 |
|
Non-Metallic Mineral Products |
16.1 |
15.0 |
|
Publishing & Printing* |
24.2 |
n.a. |
|
Petroleum Products |
1.4 |
1.5 |
|
Food Manufacturing |
0.7 |
11.4 |
|
Leather Products* |
22.7 |
n.a. |
|
Furniture & Fixtures |
3.1 |
3.0 |
|
Rubber Products |
2.7 |
2.7 |
|
Losers |
Month-on-Month Growth (%) |
|
|
1994-based |
1985-based |
|
|
Transport Equipment |
- 25.6 |
- 26.3 |
|
Tobacco |
- 38.7 |
- 38.7 |
|
Textiles |
- 17.3 |
- 19.2 |
|
Electrical Machinery |
- 3.7 |
- 3.7 |
|
Fabricated Metal Products* |
- 18.4 |
n.a. |
|
Wood & Wood Products |
- 16.6 |
- 15.7 |
|
Machinery Excluding Electrical* |
- 6.3 |
n.a. |
|
Miscellaneous Manufactures |
- 7.0 |
- 1.7 |
|
Paper & Paper Products |
- 0.2 |
- 3.5 |
Note: * - new sectors in the 1994-based series
Sectors are ranked according to their contribution to the overall 1994-based December 2001 growth rate.
Year-on-year growth rates are computed by dividing the current month index by previous year same month index less 1.
Month-on-month growth rates are computed by dividing the current month index by previous month index less 1.
ANNEX 1-B
VOLUME OF PRODUCTION INDEX, DECEMBER 2001
|
Gainers |
Year-on-Year Growth (%) |
|
|
1994-based |
1992-based |
|
|
Footwear & Wearing Apparel* |
124.0 |
n.a. |
|
Food Manufacturing |
12.5 |
22.6 |
|
Machinery Excluding Electrical* |
24.7 |
n.a. |
|
Non-Metallic Mineral Products |
8.3 |
1.5 |
|
Publishing & Printing* |
17.3 |
n.a. |
|
Miscellaneous Manufactures |
1.7 |
- 19.9 |
|
Losers |
Year-on-Year Growth (%) |
|
|
1994-based |
1992-based |
|
|
Petroleum Products |
- 14.7 |
- 16.0 |
|
Basic Metals |
- 30.5 |
- 14.7 |
|
Tobacco |
- 45.0 |
- 42.6 |
|
Paper & Paper Products |
- 41.3 |
- 32.7 |
|
Beverage |
- 12.3 |
0.6 |
|
Chemical Products |
- 5.7 |
0.0 |
|
Textile |
- 15.4 |
- 6.9 |
|
Transport Equipment |
- 6.9 |
- 5.3 |
|
Fabricated Metal Products* |
- 21.5 |
n.a. |
|
Electrical Machinery |
- 30.5 |
- 2.4 |
|
Wood & Wood Products |
- 10.8 |
- 24.1 |
|
Rubber Products |
- 10.7 |
- 9.6 |
|
Furniture & Fixtures |
- 9.9 |
- 5.5 |
|
Leather Products* |
- 42.6 |
n.a. |
|
Gainers |
Month-on-Month Growth (%) |
|
|
1994-based |
1992-based |
|
|
Basic Metals |
49.5 |
21.0 |
|
Beverage |
17.6 |
17.5 |
|
Chemical Products |
6.6 |
4.2 |
|
Footwear & Wearing Apparel* |
16.9 |
n.a. |
|
Petroleum Products |
5.2 |
4.6 |
|
Non-Metallic Mineral Products |
16.4 |
12.9 |
|
Publishing & Printing* |
24.2 |
n.a. |
|
Food Manufacturing |
0.6 |
11.6 |
|
Leather Products* |
22.7 |
n.a. |
|
Paper & Paper Products |
1.6 |
- 2.9 |
|
Furniture & Fixtures |
3.1 |
3.0 |
|
Rubber Products |
2.7 |
2.7 |
|
Losers |
Month-on-Month Growth (%) |
|
|
1994-based |
1992-based |
|
|
Transport Equipment |
- 25.6 |
- 26.2 |
|
Tobacco |
- 38.7 |
- 38.7 |
|
Textile |
- 16.8 |
- 19.1 |
|
Fabricated Metal Products* |
- 18.4 |
n.a. |
|
Wood & Wood Products |
- 16.6 |
- 15.7 |
|
Machinery Excluding Electrical* |
- 6.3 |
n.a. |
|
Miscellaneous Manufactures |
- 6.9 |
- 1.7 |
|
Electrical Machinery |
- 3.8 |
- 2.8 |
Note: * - new sectors in the 1994-based series
Sectors are ranked according to their contribution to the overall 1994-based December 2001 growth rate.
Year-on-year growth rates are computed by dividing the current month index by previous year same month index less 1.
Month-on-month growth rates are computed by dividing the current month index by previous month index less 1.
ANNEX 2-A
VALUE OF NET SALES, DECEMBER 2001
|
Gainers |
Year-on-Year Growth (%) |
|
|
1994-based |
1985-based |
|
|
Food Manufacturing |
6.0 |
-3.6 |
|
Chemical Products |
9.2 |
15.8 |
|
Publishing & Printing* |
43.7 |
n.a. |
|
Electrical Machinery |
4.4 |
4.5 |
|
Miscellaneous Manufactures |
35.3 |
12.3 |
|
Non-Metallic Mineral Products |
7.8 |
1.6 |
|
Rubber Products |
34.0 |
51.3 |
|
Fabricated Metal Products* |
7.4 |
n.a. |
|
Losers |
Year-on-Year Growth (%) |
|
|
1994-based |
1985-based |
|
|
Petroleum Products |
- 15.6 |
- 15.6 |
|
Basic Metals |
- 9.5 |
- 4.4 |
|
Footwear & Wearing Apparel* |
- 9.1 |
n.a. |
|
Tobacco |
- 12.1 |
- 12.1 |
|
Paper & Paper Products |
- 18.1 |
- 18.6 |
|
Machinery Excluding Electrical* |
- 17.8 |
n.a. |
|
Transport Equipment |
- 3.4 |
3.9 |
|
Furniture & Fixtures |
- 27.6 |
- 15.4 |
|
Wood & Wood Products |
- 14.1 |
- 14.1 |
|
Textiles |
- 2.9 |
- 0.5 |
|
Leather Products* |
- 63.0 |
n.a. |
|
Beverages |
- 0.8 |
- 3.7 |
|
Gainers |
Month-on-Month Growth (%) |
|
|
1994-based |
1985-based |
|
|
Beverages |
19.4 |
19.7 |
|
Basic Metals |
12.9 |
14.3 |
|
Footwear & Wearing Apparel* |
16.8 |
n.a. |
|
Petroleum Products |
3.8 |
3.8 |
|
Chemical Products |
2.6 |
1.4 |
|
Food Manufacturing |
0.7 |
- 5.4 |
|
Leather Products* |
1.6 |
n.a. |
|
Paper & Paper Products |
0.0 |
0.0 |
|
Losers |
Month-on-Month Growth (%) |
|
|
1994-based |
1985-based |
|
|
Electrical Machinery |
- 9.6 |
- 13.1 |
|
Transport Equipment |
- 16.5 |
- 14.3 |
|
Tobacco |
- 16.4 |
- 16.4 |
|
Non-Metallic Mineral Products |
- 10.5 |
- 13.6 |
|
Fabricated Metal Products* |
- 16.3 |
n.a. |
|
Wood & Wood Products |
- 19.0 |
- 19.9 |
|
Publishing & Printing* |
- 14.6 |
n.a. |
|
Miscellaneous Manufactures |
- 10.4 |
- 12.0 |
|
Textiles |
3.3 |
- 6.0 |
|
Machinery Excluding Electrical* |
- 4.8 |
n.a. |
|
Furniture & Fixtures |
- 9.0 |
- 28.8 |
|
Rubber Products |
- 8.1 |
- 7.8 |
Note: * - new sectors in the 1994-based series
Sectors are ranked according to their contribution to the overall 1994-based December 2001 growth rate.
Year-on-year growth rates are computed by dividing the current month value of net sales by previous year same month value of net sales less 1.
Month-on-month growth rates are computed by dividing the current month value of net sales by previous month value of net sales less 1.
ANNEX 2-B
VOLUME OF NET SALES, DECEMBER 2001
|
Gainers |
Year-on-Year Growth (%) |
|
|
1994-based |
1992-based |
|
|
Footwear & Wearing Apparel* |
55.8 |
n.a. |
|
Miscellaneous Manufactures |
138.7 |
- 28.1 |
|
Food Manufacturing |
4.9 |
1.8 |
|
Non-Metallic Mineral Products |
12.7 |
- 10.4 |
|
Rubber Products |
29.0 |
50.6 |
|
Publishing & Printing* |
6.5 |
n.a. |
|
Fabricated Metal Products* |
4.1 |
n.a. |
|
Losers |
Year-on-Year Growth (%) |
|
|
1994-based |
1992-based |
|
|
Electrical Machinery |
- 25.1 |
9.4 |
|
Basic Metals |
- 30.8 |
- 7.5 |
|
Chemicals |
- 10.9 |
9.8 |
|
Tobacco |
- 26.6 |
- 23.5 |
|
Beverages |
- 14.7 |
- 5.1 |
|
Petroleum Products |
- 5.4 |
- 6.9 |
|
Transport Equipment |
- 11.5 |
- 2.9 |
|
Paper & Paper Products |
- 30.7 |
- 20.4 |
|
Textiles |
- 12.0 |
- 0.1 |
|
Machinery Excluding Electrical* |
- 26.4 |
n.a. |
|
Furniture & Fixtures |
- 30.6 |
- 17.3 |
|
Wood & Wood Products |
- 14.5 |
- 14.2 |
|
Leather Products* |
- 43.0 |
n.a. |
|
Gainers |
Month-on-Month Growth (%) |
|
|
1994-based |
1992-based |
|
|
Beverages |
19.5 |
19.7 |
|
Petroleum Products |
7.6 |
6.9 |
|
Basic Metals |
12.8 |
12.9 |
|
Footwear & Wearing Apparel* |
15.3 |
n.a. |
|
Chemicals |
2.8 |
0.3 |
|
Food Manufacturing |
0.6 |
- 5.2 |
|
Paper & Paper Products |
1.8 |
0.6 |
|
Leather Products* |
1.6 |
n.a. |
|
Losers |
Month-on-Month Growth (%) |
|
|
1994-based |
1992-based |
|
|
Electrical Machinery |
- 9.6 |
- 12.4 |
|
Transport Equipment |
- 16.5 |
- 14.2 |
|
Tobacco |
- 16.4 |
- 16.4 |
|
Non-Metallic Mineral Products |
- 10.3 |
- 13.6 |
|
Fabricated Metal Products* |
- 16.3 |
n.a. |
|
Wood & Wood Products |
- 19.0 |
- 19.9 |
|
Publishing & Printing* |
- 14.6 |
n.a. |
|
Miscellaneous Manufactures |
- 10.3 |
- 12.0 |
|
Textiles |
- 2.7 |
- 5.9 |
|
Machinery Excluding Electrical* |
- 4.8 |
n.a. |
|
Furniture & Fixtures |
- 8.9 |
- 28.8 |
|
Rubber Products |
- 8.1 |
- 7.8 |
Note: * - new sectors in the 1994-based series
Sectors are ranked according to their contribution to the overall 1994-based December 2001 growth rate.
Year-on-year growth rates are computed by dividing the current month volume of net sales by previous year same month volume of net sales less 1.
Month-on-month growth rates are computed by dividing the current month volume of net sales by previous month volume of net sales less 1.
ANNEX 3-A
AVERAGE CAPACITY UTILIZATION BY MAJOR SECTOR, DECEMBER 2001
|
Sector |
1994-based |
1985-based |
|
MANUFACTURING |
76.9 |
79.1 |
|
Food Manufacturing |
79.4 |
82.1 |
|
Beverage |
74.1 |
75.4 |
|
Tobacco |
73.8 |
79.9 |
|
Textile |
74.9 |
75.9 |
|
Footwear & Wearing Apparel* |
75.3 |
n.a. |
|
Wood & Wood Products |
77.6 |
80.1 |
|
Furniture & Fixtures |
66.9 |
82.1 |
|
Paper & Paper Products |
78.5 |
75.3 |
|
Publishing & Printing* |
78.1 |
n.a. |
|
Leather Products* |
44.5 |
n.a. |
|
Rubber Products |
82.2 |
82.9 |
|
Chemical Products |
70.1 |
77.6 |
|
Petroleum Products |
84.2 |
84.4 |
|
Non-Metallic Mineral Products |
78.1 |
74.3 |
|
Basic Metals |
74.3 |
75.1 |
|
Fabricated Metal Products* |
72.1 |
n.a. |
|
Machinery Excluding Electrical* |
84.5 |
n.a. |
|
Electrical Machinery |
76.3 |
73.1 |
|
Transport Equipment |
67.5 |
68.5 |
|
Miscellaneous Manufactures |
77.6 |
74.8 |
Note: * - new sectors in the 1994-based series
Source: National Statistics Office
Manila, Philippines
