Factory output jumped 23 percent in December, the highest in 11 months, the Philippine Statistics Authority said Friday.
Manufacturing output, according to the latest Monthly Integrated Survey of Selected Industries report, posted double-digit growth in both December and the full year due to the increase in production of petroleum products, food manufacturing and transport equipment.
Data showed the volume of production index for manufacturing soared 23 percent in December from a 5-percent growth year-on-year.
The value of production index for manufacturing expanded 19 percent, after declining 2.7 percent in December 2015.
As a result, the full-year VoPI for manufacturing rose 14 percent in 2016 from a 2.5-percent growth recorded in 2015.
“The manufacturing sector is performing very well. Increases in the purchases of capital and durable goods contributed to the increase and further indicates that there is business and consumer confidence in the domestic economy,” said Economic Planning Secretary Ernesto Pernia.
Transport equipment recorded a growth in production volume and value of 34.3 percent and 35.6 percent, respectively, in December.
Meanwhile, construction-related production sustained a upward trend, primarily in response to the increase in demand for both residential (19.2 percent) and non-residential buildings (27.3 percent) during the third quarter of 2016.
Food manufacturing in December rose 35 percent, the highest production volume growth recorded since 2013.
The value of production of the food sub-sector also increased 37.7 percent, driven mainly by domestic demand during the holiday season and higher production value of vegetable oil and animal fats.
The petroleum sub-sector in the intermediate goods sustained its growth, with production volume surging 63 percent in December 2016, a reversal from the 34-percent decline in 2015.