Factory output growth picks up in January

The country's factory output went up at a quicker pace in January from the previous month due mainly to the slower contraction in production of electronic products and beverages, according to the Philippine Statistics Authority (PSA).

- LOUELLA DESIDERIO

Preliminary results of the Monthly Integrated Survey of Selected Industries conducted by the PSA showed manufacturing output as measured by Volume of Production Index (VOPI) posted a slightly faster growth rate of 1.9 percent in January from 1.6 percent in December 2023.

The latest VoPI growth, however, is lower than the 7.3 percent increase in January 2023.

"The expansion in the annual growth of the VoPI in January was mainly brought about by the slower annual drop in the manufacture of computer, electronic and optical products at 7.1 percent compared to the double-digit annual decline of 16.5 percent in the previous month," the PSA said.

Also cited as a main contributor to the VoPI growth was the beverages industry division as it posted a slower decline of 0.3 percent in January from the 14-percent contraction in December 2023.