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