1. Value of Production Index (VaPI)

The seasonally adjusted VaPI for total manufacturing increased in February 2024 at a monthly rate of 4.0 percent from the 1.2 percent monthly decline observed in January 2024. (Figure 1a, and Tables A and 1)

Likewise, the seasonally adjusted VaPI for food manufacturing grew by 12.0 percent month-on-month in February 2024. In the previous month, there was a contraction of 4.3 percent. (Figure 1b, and Tables A and 1)

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

2. Volume of Production Index (VoPI)

The monthly rate of the seasonally adjusted VoPI for total manufacturing increased by 4.1 percent in February 2024. In January 2024, a 0.3 percent month-on-month decline was observed. (Figure 2a, and Tables A and 2)

Similarly, the monthly rate of the seasonally adjusted VoPI for food manufacturing expanded by 12.4 percent this month from its drop of 4.8 percent in January 2024. (Figure 2b, and Tables A and 2)

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

3. Value of Net Sales Index (VaNSI)

In February 2024, the monthly rate of the seasonally adjusted VaNSI for total manufacturing grew by 1.0 percent from the 3.7 percent decline in January 2024. (Figure 3a, and Tables A and 3)

Likewise, the monthly growth rate of the seasonally adjusted VaNSI for food manufacturing increased by 2.1 percent during the month. In the previous month, a contraction of 2.1 percent month-on-month was recorded. (Figure 3b, and Tables A and 3)

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

4. Volume of Net Sales Index (VoNSI)

Month-on-month, the seasonally adjusted VoNSI for total manufacturing had an upturn of 0.5 percent in February 2024 from a 1.8 percent monthly decline observed in January 2024. (Figure 4a, and Tables A and 4)

Similarly, the monthly rate of the seasonally adjusted VoNSI for food manufacturing grew by 2.0 percent in February 2024. In January 2024, a contraction of 3.2 percent month-on-month was registered. (Figure 4b, and Tables A and 4)

Moreover, the seasonally adjusted VoNSI of industry divisions other than the manufacture of food 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.