Factory Output Posts Slower Growth in 2024

Philippine manufacturing output grew at a slower pace last year from 2023 as six industry divisions posted declines.

- By Louella Desiderio

Preliminary results of the Monthly Integrated Survey of Selected Industries released by the Philippine Statistics Authority (PSA) showed that the Volume of Production Index (VoPI) for manufacturing posted a slower growth of 0.9 percent last year from 4.9 percent in 2023.

Industry divisions that registered declines in 2024 are tobacco products (-1.6 percent); wood, bamboo, cane, rattan articles and related products (-12.3 percent); printing and reproduction of recorded media (-12.4 percent); other non-metallic mineral products (-9.9 percent); basic metals (-14.7 percent), and other manufacturing and repair and installation of machinery and equipment (-9.9 percent).

Data from the PSA also showed that the Value of Production Index (VaPI) for manufacturing also had slower average growth of 0.2 percent last year from 6.3 percent in 2023.