The country’s manufacturing output posted growth of 10.6 percent in January 2023, the highest in 10 months, according to the Philippine Statistics Authority (PSA). Know more:
THE country’s manufacturing output posted growth of 10.6 percent in January 2023, the highest in 10 months, according to the Philippine Statistics Authority .
“[The VoPI is] back to double-digit growth in the manufacturing volume production largely brought about by the fact that the economy further reopened towards greater normalcy, with no large lockdowns so far in 2022 and no lockdowns going forward as a priority of the administration,” Rizal Commercial Banking Corporation Chief Economist Michael L. Ricafort.
Based on responding establishments, the PSA said the average capacity utilization rate for the manufacturing sector in January 2023 was reported at 72.6 percent from 71.5 percent in the previous month. The PSA said almost all industry divisions reported capacity utilization rates of more than 60 percent, except for manufacture of paper and paper products at 56.1 percent.
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