Factory production dropped 3.7 percent in October from a year ago, the Philippine Statistics Authority.
This was the 10th consecutive month that the volume production was in the negative territory.
“Despite manufacturing’s performance, business and consumer outlook remains positive with the anticipation of higher consumer spending during the holiday season, a much favorable macroeconomic condition, and a likely recovery in government spending on infrastructure,” National Economic and Development Authority Undersecretary Adoracion Navarro said in a statement.
Navarro said the extension in the validity of the 2019 national budget and the timely passage of the 2020 General Appropriations Act were needed to sustain the implementation of construction-related activities and help drive the growth in the manufacturing sector.
“The extension in the validity of the 2019 budget is important not just for the construction of infrastructure projects but also for critical pre-feasibility, feasibility, and other project development studies,” she said.