Manufacturing declines by 6.3% in October 2017

 

By Rose de la Cruz

The Philippine Statistics Authority’s Monthly Integrated Survey of Selected Industries (MISSI) reported a decline in the Volume of Production Index (VoPI) for manufacturing by 6.5 percent in October 2017, down from the 9.9 percent growth recorded in the same month last year.

Value of Production Index (VaPI) likewise dropped by 6.3 percent, leading to a three-month moving average of VoPI and VaPI decline by 2.9 and 3.2 percent, respectively.

“Efficiency in delivering business-related government services or ease of doing business still needs to be improved. Ideally, business procedures across all national agencies and local government units must be automated,” said Socioeconomic Planning Secretary Ernesto M. Pernia.

Improvement in the delivery of business-related government services and innovation across all firm sizes must be aggressively pursued to aid manufacturing output, the NEDA said.

Pernia said the government also needs to create an enabling environment that will foster collaboration between industry and the academe and market-oriented research will facilitate the development of innovative products and processes.

However, Pernia said that the continued decline of production at the onset of the fourth quarter mirrored the less optimistic business sentiment of firms in the manufacturing sector.

“The Business Expectations Survey of the Bangko Sentral ng Pilipinas reported expectations of seasonal slack in demand for some products and stiffer competition due to business expansion of some firms as reasons for their less favorable outlook,” he said.

Pernia therefore said that a predictable and consistent policy environment should be maintained to attract investments and reinvestments in the country.

Meanwhile, the production volume of major export-oriented products continued to increase, owing to the ongoing recovery of global trade, with Asian trade volume growing by 7.4 percent in the first-half of 2017.

“The weakening of the peso and a slightly higher global commodity prices can further sustain the growth of export-oriented firms,” the Cabinet official said.

Production volume and value of manufactured food grew at a slower pace in the same month, while those of construction-related manufactures remained robust in October. The latter is attributed to the higher demand for non-residential buildings, particularly industrial and commercial buildings. The growth was also complemented by higher government infrastructure spending and capital outlays, which grew by 15.4 percent in the third quarter of 2017.

 

 

Like us in Facebook

Features

Latest News

NEDA wants stronger push for exports

    By Rose de la Cruz     The National Economic and Development Authority wants a stronger and more aggressive push for Philippine exports to... Read More...
Japan remains top ODA source

    By Rose de la Cruz   Japan continues to be the main source of official development assistance of the Philippine government, where... Read More...
Bong still unsure of Senate run

Should he stay or should he go?  This is the question that Special Assistant to the President Christopher “Bong” Go is trying to answer and... Read More...
IMAGE In the know: Solar Philippines

Solar Philippines is currently the country’s – and Southeast Asia’s – largest solar-energy company. Founded in August 2013 by Leandro... Read More...
Wrong Dream Girl and Other Laughs

Wrong Dream GirlA FROG telephones the Psychic Hotline. His Personal Psychic Advisor tells him, "You are going to meet a beautiful young girl who will... Read More...
Confession Code and other laughs

Confession Code AN old priest who became sick of all the people in his parish who kept confessing to adultery said one Sunday, in the pulpit,"If I... Read More...
IMAGE PAGIGING MAKABAYAN

KAMAKAILAN ay tumawag ng atensyon ang plano ni Sen. Manny Pacquiao na maghain ng panukalang batas na naglalayon na isama bilang bahagi ng curriculum... Read More...
IMAGE PUTULIN ANG MONOPOLYO NG MERALCO!

SUPORTADO nang ibat-ibang consumer group kabilang na ang Institute for Consumer Research and Empowerment (ICORE) ang panukalang dapat putulin na ang... Read More...

Our Guests

Today296
Yesterday706
This week4955
This month13665
Total1028269

Visitor Info

  • Your IP: 54.196.42.8

Who Is Online

19
Online

Saturday, 18 August 2018
© 2016 OpinYon News Magazine Online. All Rights Reserved.

Please publish modules in offcanvas position.