1. Value of Production Index (VaPI)

The seasonally adjusted VaPI for total manufacturing decelerated in May 2024 at a monthly rate of 0.4 percent, from a 0.7 percent monthly growth in April 2024. (Figure 1a, and Tables A and 1)

On the other hand, the seasonally adjusted VaPI for food manufacturing declined by 0.9 percent month-on-month in May 2024, while in the previous month, it increased by 7.3 percent. (Figure 1b, and Tables A and 1)

For other industry divisions of the manufacturing section, their seasonally adjusted VaPI are shown in Table 1a.

2. Volume of Production Index (VoPI)

The monthly rate of the seasonally adjusted VoPI for total manufacturing decreased by 0.03 percent in May 2024, while in April 2024, a 1.8 percent month-on-month growth rate was observed. (Figure 2a, and Tables A and 2)

Similarly, the monthly rate of the seasonally adjusted VoPI for food manufacturing had a downturn of 1.0 percent this month from its monthly expansion of 7.8 percent in April 2024. (Figure 2b, and Tables A and 2)

The seasonally adjusted VoPI of other industry divisions of the manufacturing section can be shown in Table 2a.

3. Value of Net Sales Index (VaNSI)

In May 2024, the monthly rate of the seasonally adjusted VaNSI for total manufacturing contracted by 1.1 percent, from a 1.6 percent increase in April 2024. (Figure 3a, and Tables A and 3)

The monthly growth rate of the seasonally adjusted VaNSI for food manufacturing increased at a steady rate of 3.3 percent during the month. In April 2024, a 2.5 percent month-on-month growth was recorded. (Figure 3b, and Tables A and 3)

The seasonally adjusted VaNSI for other industry divisions of the manufacturing section are shown in Table 3a.

4. Volume of Net Sales Index (VoNSI)

Month-on-month, the seasonally adjusted VoNSI for total manufacturing decreased by 1.9 percent in May 2024, from a 2.1 percent monthly increment in April 2024. (Figure 4a, and Tables A and 4)

The monthly rate of the seasonally adjusted VoNSI for food manufacturing expanded by 3.4 percent in May 2024. In April 2024, an expansion was also observed at a monthly rate of 2.7 percent. (Figure 4b, and Tables A and 4)

The seasonally adjusted VoNSI of other industry divisions of the manufacturing section 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.