Factory output grew at a much faster pace in May due to strong production of machinery and equipment, the Philippine Statistics Authority (PSA) reported Thursday, July 7.
Factory output grew at a much faster pace in May due to strong production of machinery and equipment, the Philippine Statistics Authority reported Thursday, July 7.
Of these, manufacture of machinery and equipment except electrical was the major contributing factor with 50.7 percent annual growth rate. According to the PSA, only 24.3 percent of the manufacturing firms surveyed operated at full capacity in May. Average capacity utilization of the factories stood at 70.7 percent.
Meanwhile, the value of production index during the month also increased at a much faster rate as it posted a 8.9 percent jump last May from 7.6 percent in the previous month.
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