r - revised

•    Value of Production Index shows a single-digit growth in January 2014

Value of Production Index (VaPI) for the manufacturing reflected a slower annual increment of 7.3 percent in January 2014, after registering a two-digit growth in the last five months of 2013, according to the preliminary results of the Monthly Integrated Survey of Selected Industries (MISSI). This can be  mainly attributed to the lower production values reported by chemical products with an increase of only 15.5 percent  in January 2014 from 218.5 percent in December 2013.  In addition,  other major industries that were able to pull up the VAPI by registering significant increases in production were the following: furniture and fixtures (115.0%), tobacco products (68.5%), publishing and printing (52.1%), machinery except electrical (47.5%), textiles (31.0%), leather products (22.2%), fabricated metal products (20.3%), electrical machinery (18.1%),non-metallic mineral products (14.8%), petroleum products (12.0%), and rubber and plastic products (10.1%). Refer to Tables 1-A and 1.

On a monthly basis, VaPI dropped 18.9 percent in January 2014. This was  brought about by the double-digit decreases in production values of chemical products (-68.2%), tobacco products (-51.8%), and footwear and wearing apparel (-39.2%). Refer to Tables 1-A and 1.

•    Volume of Production Index posts slower growth

Volume of Production Index (VoPI) increased slowly to 7.2 percent in January 2014, after posting two-digit growths for the past six months. Fifteen major industries contributed to the single-digit performance of VoPI, led by furniture and fixtures (237.4%). Two-digit increments were noted in the following major industries namely:  tobacco products (68.9%), publishing and printing (52.1%), machinery except electrical (44.5%), textiles (31.5%), fabricated metal products (23.8%), leather products (21.0%), chemical products (15.8%),), electrical machinery (13.1%) and non-metallic mineral products (11.2%). Refer to Tables 1-B and 2.

On a monthly comparison, VoPI went down 19.4 percent in January 2014. Sixteen of the 20 major sectors pulled down the monthly VOPI with three major industries contributing significantly to the decline, namely: chemical products (-67.8%), tobacco products (-51.7%), and footwear and wearing apparel (-40.8%). Refer to Tables 1-B and 2.

•    Value of Net Sales Index keeps two-digit growth in January 2014

Value of Net Sales Index (VaNSI), on an annual basis, eased down to 17.6 percent in January 2014. This was mainly due to the slowdown in net sales value of  chemical products (111.7%). Furthermore, double-digit increases were noted in nine major industries. These were the following: machinery except electrical (50.3%), furniture and fixtures (37.0%), leather products (32.9%), fabricated metal products (30.4%), publishing and printing (20.7%), rubber and plastic products (17.0%), petroleum products (16.5%), tobacco products (15.8%) and miscellaneous manufactures (12.7%). Refer to Tables 2-A and 3.

VaNSI on a month-on-month basis, went down 22.0 percent in January 2014. Significant decreases were posted by four major industries namely: chemical products (-57.2%), footwear and wearing apparel (-36.8%), leather products (-12.5%) and non-metallic mineral products (-10.3%). Refer to Tables 2-A and 3.

•    Volume of Net Sales Index maintains two-digit growth

Volume of Net Sales Index (VoNSI) grew at a slower rate of 17.6 percent in January 2014. This can be attributed to the slowdown in the annual growth in sales of furniture and fixtures (115.0%) and chemical products (112.1%). Six other industries posted double-digit increments. These were: machinery except electrical (47.2%), fabricated metals (34.1%), leather products (31.7%), publishing and printing (20.7%), tobacco products (16.1%) and rubber and plastic products (16.0%). Refer to Tables 2-B and 4.

However, on a month-on-month basis, VoNSI declined 22.4 percent in January 2014. This was brought about by the significant decrements in VoNSI of four major industries:  chemical products (-56.7%), footwear and wearing apparel (-38.5%), leather products (-12.6%) and non-metallic mineral products (-11.1%).  Refer  to  Tables 2-B and 4.

•    Capacity Utilization in January 2014 is 83.2 percent

Average capacity utilization in January 2014 for total manufacturing was recorded at 83.2 percent. More than 50 percent or eleven of the 20 major industries operated at  80 percent and above capacity utilization rates. These are:

• petroleum products (88.8%)

• basic metals (87.1%)

• non-metallic mineral products (86.0%)

• food manufacturing (84.5 %)

• machinery except electrical (84.2%)

• electrical machinery (84.4%)

• chemical products (83.1%)

• rubber and plastic products (82.7%)

• paper and paper products (82.7%)

• wood and wood products (81.1%)

• publishing and printing (80.0%)

The proportion of establishments that operated at full capacity (90% to 100%) was 22.4 percent in January 2014. About 57.6 percent of the establishments operated at 70% to 89% capacity while 20.0 percent of the establishments operated below 70% capacity. Refer to Table 6.

•    Industry Coverage

The 2014 MISSI utilizes the 2009 Philippine Standard Industry Classification (PSIC) to classify major industries and sub-industries. Twenty major industries of the 2009 PSIC were grouped to form the industry coverage of the 2014 MISSI. These are presented in the table below.

•    Response Rate

The response rates for the January 2014 MISSI and PPS are 78.1 percent and 86.0 percent, respectively.  Refer to Tables 7 and 8.