Manufacturing expanded further both in value and volume in June as the economy gradually recovers from the lingering impact of the COVID-19 pandemic, data from the Philippine Statistics Authority on Friday show.
The Volume of Production Index (VoPI) posted a three-digit annual rate of 453.1 percent in June 2021, faster than the 263.2-percent increase registered in the previous month. The VoPI in June last year dropped at an annual rate of 80.6 percent.
“The growth noted in the volume of production for manufacturing sector in June 2021 was due to the improvements in 19 out of 22 industry divisions. The fastest growth rate was registered in manufacture of coke and refined petroleum products at 2,932.2 percent,” the PSA said.
The Value of Production Index (VaPI) for manufacturing also jumped 439.6 percent from its previous month’s three-digit annual increase of 248.1 percent.
“The year-on-year growth rate in June 2021 was the third positive growth since April 2019 and the highest annual growth in the 2018-based data series. In contrast, the annual growth rate for VaPI in June 2020 was recorded at -81.7 percent,” the PSA said.
