Factory output posts faster growth in May

The country’s manufacturing output grew at a faster rate in May due mainly to increases in the production of food and transport equipment, according to the Philippine Statistics Authority (PSA).

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Preliminary results of the PSA’s Monthly Integrated Survey of Selected Industries released yesterday showed the Volume of Production Index (VoPI) for manufacturing registered a faster increase of 4.9 percent in May from 4.3 percent in April.

The VoPI growth in May was also faster than the 4.2-percent increment in the same month last year.

Driving the faster VoPI growth was the food products industry division, which posted a higher increase of 15.7 percent in May from 11.2 percent in April.

Transport equipment was cited as another main driver as the industry division registered faster growth of 13.5 percent in May from 7.4 percent in the previous month.