August 07, 2018
MANILA – The manufacturing sector is expected to sustain its double-digit growth recorded in the first half of the year, the National Economic and Development Authority said.
The Monthly Integrated Survey of Selected Industries (MISSI) of the Philippine Statistics Authority showed both the Volume of Production Index (VoPI) and Value of Production Index (VaPI) rising by an average of 20.6 percent for the January-June 2018 period.
“Robust domestic and higher external demand, increased investments and OFW remittances, improved consumer confidence, and stable business confidence backed this growth in manufacturing,” Socioeconomic Planning Secretary Ernesto M. Pernia said.
In June alone, manufacturing volume grew by 18 percent while production value grew 18.9 percent.
Majority of the subsectors posted high production indices, including food manufacturing, petroleum products, and export-oriented products.
Growth in the production volume of construction-related manufactures eased in June. However, net sales of cement, glass products and basic metals recorded double-digit growth at 10.1 percent, 15.8 percent, and 29.8 percent, respectively.
The increased production of construction-related manufactures was in response to the continued demand for non-residential buildings such as industrial, commercial and institutional buildings.
“The prospect for the second half of the year is bright. We hope to further climb this upward trajectory as we implement reforms positively affecting the industries and doing business in the country,” Pernia said.
He added that the Inclusive, Innovation-led, Industrial Strategy, the Ease of Doing Business and Efficient Government Service Delivery Act, and completion of ongoing infrastructure projects are expected to also contribute to the growth of major industries.
“To further drive manufacturing growth, local government units can be capacitated more to attract investments in manufacturing and manufacturing-related services outside Metro Manila,” Pernia said.
MISSI is a monthly report that monitors the production, net sales, inventories, and capacity utilization of selected manufacturing establishments to provide flash indicators on the performance of the manufacturing sector.
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