Output of local factories continues to rise, as the volume of production index or VoPI posted a significant annual increase in September 2021, the Philippine Statistics Authority (PSA) said in its latest report.
According to the PSA, nine out of the 22 industry divisions recorded decrements in VoPI with the manufacture of tobacco products posting the steepest slide of minus 56.7 percent.
Likewise, the value of production index posted a 122.7 percent expansion in September 2021, slower than the 527.3 percent increase month-ago.
Still, the agency said less than one fourth of the responding establishments operated at full capacity.
70% capacity at more than half
“The proportion of establishments that operated at full capacity (90 percent to 100 percent) was 23.1 percent of the total number of responding establishments,” it said.
“Meanwhile, 38.5 percent operated at 70 to 89 percent capacity while 38.4 percent operated below 70 percent capacity,” it added.
Nevertheless, the agency noted the average capacity utilization rate for the manufacturing sector in September 2021 improved to 66.5 percent from the recorded 66.2 percent month-ago.
In addition, 20 out of 22 industry divisions registered an average capacity utilization rate above 50 percent, the PSA said.
The country’ top economic managers earlier expressed their optimism for a sustained economic recovery, following the robust 7.1 percent growth recorded in the third quarter 2021.