THE country’s manufacturing output slowed to 0.9 percent in 2024, according to the latest data released by the Philippine Statistics Authority (PSA).
Based on the Production Index and Net Sales Index or Monthly Integrated Survey of Selected Industries, the country’s Volume of Production Index (VoPI) also posted a slower 0.2 percent in December 2024 compared to the 3 percent posted in December 2023.
“[This indicated] a slowdown from the 4.9-percent and 15.1-percent annual average growth rates posted in 2023 and 2022, respectively,” the PSA said.
The data also showed that output of food manufacturing recovered to a growth of 0.6 percent in 2024 compared to the 1.5-percent contraction posted in 2023.
In December 2024, the output of food manufacturing posted a contraction of 1.7 percent from the year-on-year growth of 2.1 percent in December 2023.
Meanwhile, in terms of the Value of Production Index (VaPI), the PSA said the annual average growth rate slowed to 0.2 percent in 2024.
The VaPI posted a year-on-year growth of 0.4 percent in December 2024, slower than the 3.5 percent in November 2024 and 3.7 percent in December 2023.
“This rate [2024 VaPI growth] was slower than the annual average increments of 6.3 percent and 22.5 percent in 2023 and 2022, respectively,” the PSA said.
The data showed the annual average growth rate in VaPI for manufacture of food products grew faster at 1.7 percent from an annual average increase of 1.5 percent in 2023.
Meanwhile, PSA said based on responding establishments, the average capacity utilization rate for the manufacturing sector was reported at 75.5 percent in December 2024.
The data showed 75.7-percent average capacity utilization rate in the previous month. In December 2023, the average capacity utilization rate was recorded at 74.6 percent.
“All industry divisions reported capacity utilization rates of more than 60 percent during the month,” PSA said.
The data showed the top three industry divisions in terms of reported capacity utilization rate were the manufacture of textiles at 81.4 percent. This was followed by manufacture of machinery and equipment except electrical at 81.1 percent and manufacture of other nonmetallic mineral products at 80.7 percent.
The proportion of establishments that operated at full capacity or around 90 percent to 100 percent was 31.4 percent of the total number of responding establishments.
PSA said 40.8 percent of establishments operated at 70 to 89 percent capacity while 27.8 percent operated below 70 percent capacity.
