Factory output grew faster in July, led by higher production of food and beverages, data from the Philippine Statistics Authority show.
Results of the Monthly Integrated Survey of Selected Industries released by the PSA Thursday indicated that the volume of production index went up 5.7 percent in July this year, faster than the annual growth of 3.4 percent in June. In July 2022, VoPI increased 3.6 percent.
The PSA said the higher annual growth of the VoPI in July was mainly brought about by the annual increases in manufacture of beverages, coke and refined petroleum products and food products.
It said of the remaining 19 industry divisions, six registered year-on-year increases while 13 industry divisions posted annual declines. The highest annual drop was observed in manufacture of furniture at -27.7 percent.
The VoPI for manufacture of food products recorded an annual increase of 1.2 percent in July, rebounding from a decline of -3.1 percent in June. In July 2022, VoPI was up 7.8 percent.