Factory output surged 8.4 percent in October, the 12th consecutive month of positive growth, on higher production of petroleum products, non-electrical machineries, and transport equipment, according to the National Economic and Development Authority.
In the latest Monthly Integrated Survey of Selected Industries released by the Philippine Statistics Authority on Friday, the volume of production index rose 8.4 percent, a marked improvement from the 1.5-percent growth recorded in October 2015.
Economic Planning Secretary Ernesto Pernia said government’s efforts to improve the business climate must be sustained to support the manufacturing sector’s continued growth.
Meanwhile, the value of production index increased 4.3 percent—a turnaround from the 6.2-percent decline in the same period last year.