The manufacturing sector contracted 1.8 percent in October 2024, the Philippine Statistics Authority (PSA) said Friday.
This was slower than the 5 percent year-on-year decline in September 2024 but reversed the 1.4 percent increase seen in October 2023.
“This brings the average growth rate of the Volume of Production Index (VoPI) for manufacturing from January to October 2024 to 1.7 percent,” the PSA said.
The slower year-over-year decline in the VoPI for the month was primarily driven by the 6.8 percent annual growth rate of the beverage manufacturing industry division in October 2024, up from an 8 percent annual drop in September 2024.
Beverage manufacturing contributed 29.7 percent to the VoPI trend for the manufacturing sector in October 2024.
Other key contributors to the slower annual decline in the VoPI in October 2024 included:
A 26.4 percent annual increase in the manufacture of wood, bamboo, cane, rattan articles, and related products in October 2024, up from a 24.3 percent annual drop in the previous month.
A faster 6.7 percent annual increase in the manufacture of transport equipment during the month, compared to 3.2 percent in the previous month.
Ten of the 19 remaining industry divisions posted annual increases during the period, while nine industry divisions saw annual declines in October 2024. (Tables D and 2)
The top three industry divisions contributing to the overall year-on-year growth rate of the VoPI for manufacturing in October 2024 were basic metals, coke and refined petroleum products and other non-metallic mineral products.
The PSA said that for food product manufacturing, the VoPI slowed to 5.9 percent in October 2024 from a 6.6-percent annual increase in September 2024. In October 2023, the VoPI for food product manufacturing posted a 2.5 percent annual decline.
