Factory output dips, first drop in 4 months

Philippine manufacturers are already feeling the heat from global trade uncertainties, with factory output taking a hit at the start of the second half of the year, according to Moody’s Analytics.

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“With stiffer United States (US) tariffs on the horizon, Philippine industrial production fell for the first time in four months in July. By volume and value, output fell in year-on-year terms. A 1.1-percent drop in volume was the steepest fall since February, while the 1.3-percent drop in value was the largest since November,” Moody’s Analytics said in a Sept. 12 report.

“The U-turn underscores the manufacturing sector’s vulnerability to external shocks,” Moody’s Analytics added.

Moody’s Analytics was referring to the results of the Philippine Statistics Authority’s (PSA) latest monthly integrated survey of selected industries (MISSI) for July, released last Sept. 9.