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FACTORY OUTPUT SHRINKS FOR NINTH STRAIGHT MONTH IN AUGUST

5 months ago | World Business News | 0 comments

By Xai Reyes

The Philippine Statistics Authority (PSA) said the Philippine manufacturing output contracted for the ninth straight month in August.

Preliminary results of the Monthly Integrated Survey of Selected Industry (MISSI) showed that factory output or the Volume of Production Index (VoPI) fell by 9.9% in August.

This is slower than the -14.6% decrease in July, but faster than the -12.5% decline in August 2019, and the ninth month of contraction since December last year.

The PSA said the slower downtrend in the VoPI for the sector was influenced by the increases in the indices of two heavily weighted industry groups nothing chemical products 17.1% and basic metals 3.9 %.

Meanwhile, top losers for the month were petroleum products (-96.2%); leather products (-60.3%); printing (-42.3%); tobacco products (-38.7%); and furniture and fixtures (-37.8%).