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MANILA – Manufacturing output both in volume and value continued to grow at a faster pace in May, the Philippine Statistics Authority (PSA) said.
Results of the Monthly Integrated Survey of Selected Industries released on Friday showed that the value of production index (VaPi) grew by 10.3 percent in May from 10.1 percent in April.
It was also higher than the 6.6 percent expansion in May last year.
"The annual upturn in the VaPI in May 2023 was mainly contributed by the faster annual increase in the manufacture of electrical equipment industry division at 54.2 percent in May 2023 from 19.5 percent in the previous month," the PSA said.
Other industry division which grew during the month include manufacture of food products, transport equipment, coke (solid fuel) and refined petroleum products, beverages, manufacturing and repair and installation of machinery and equipment, basic metals, other non-metallic mineral products, printing and reproduction of recorded media, wood, bamboo, cane, paper and paper products, rubber and plastic, and textiles.
The volume of production index (VoPI), meanwhile, expanded by 8.1 percent, faster than the 7.7 percent seen in April and a reversal of the 0.6 percent contraction in May last year.
"The expansion in the annual growth of VoPI in May 2023 was mainly contributed by the annual upturn in manufacture of electrical equipment with 53.7 percent during the period from 19.2 percent in April 2023," the PSA said.
The PSA said other industry divisions that increased during the month were manufacture of transport equipment, food products, coke and refined petroleum products, basic metals, manufacturing and repair and installation of machinery and equipment, beverages, printing and reproduction of recorded media, non-metallic mineral products, wood and bamboo, and textiles. (PNA)
