Philippines suffers reduction in June manufacturing production
The Philippines’ manufacturing production slumped in June due to negative impact of the COVID-19 pandemic, according to the country’s Statistics Authority (PSA).
Hanoi (VNA) – The
Philippines’ manufacturing production slumped in June due to negative impact of
the COVID-19 pandemic, according to the country’s Statistics Authority (PSA).
Based on the preliminary results of the Monthly Integrated Survey of Selected Industries (MISSI), the PSA said the year-on-year value of production index (VaPI) and the volume of production index (VoPI) declined 22.5 percent and 19.3 percent in June 2020, respectively.
According to the authority, the VaPI for the manufacturing sector contracted at a slower rate of 22.5 percent in June compared to the 31.2 percent decrease in May 2020.VaPI dropped for the fourth month in a row this June 2020.
Prior to the rebound, the PSA said VaPI had negative growth for 17 consecutive months for petroleum products, and seven months of negative growth for wood and wood products.
The PSA also said that the VoPI in June 2020 likewise shrank by 19.3 percent year-on-year but the decline was slower compared to the previous month's drop of 28.5 percent.
MISSI is a monthly report that monitors the production, net sales, inventories, and capacity utilisation of selected manufacturing establishments to provide flash indicators on the performance of the manufacturing sector./.
Based on the preliminary results of the Monthly Integrated Survey of Selected Industries (MISSI), the PSA said the year-on-year value of production index (VaPI) and the volume of production index (VoPI) declined 22.5 percent and 19.3 percent in June 2020, respectively.
According to the authority, the VaPI for the manufacturing sector contracted at a slower rate of 22.5 percent in June compared to the 31.2 percent decrease in May 2020.VaPI dropped for the fourth month in a row this June 2020.
Prior to the rebound, the PSA said VaPI had negative growth for 17 consecutive months for petroleum products, and seven months of negative growth for wood and wood products.
The PSA also said that the VoPI in June 2020 likewise shrank by 19.3 percent year-on-year but the decline was slower compared to the previous month's drop of 28.5 percent.
MISSI is a monthly report that monitors the production, net sales, inventories, and capacity utilisation of selected manufacturing establishments to provide flash indicators on the performance of the manufacturing sector./.
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