The manufacturing sector posted growth for the second straight month this year, on higher production of petroleum products, food, basic metals and transport equipment, the National Economic and Development Authority said Tuesday.
Results of the Philippine Statistics Authority’s monthly integrated survey of selected industries showed the volume of production index grew 10.7 percent in February.
This growth was faster than the 7.1-percent gain in January, but slower than the 11.6-percent expansion recorded in February 2016.
“We must double our efforts to strengthen the manufacturing sector and help it realize its full potential,” Economic Planning Secretary Ernesto Pernia said in a statement.
“The sector is expected to benefit from an investment-led growth supported by stable inflation, increased spending on infrastructure and rural development, strong private consumption, and continued gains in overseas remittances,” he said.
“We must encourage firms to utilize science, technology and innovation to help them keep up with the increasing domestic and regional demands,” Pernia said.
Data also showed that the value of production jumped 13.6 percent in February, stronger than the 5.4-percent increase in January.
Furniture and fixtures posted a double-digit growth of 21.9 percent in volume and 16.6 percent in value of production, while food manufactures went up 20.6 percent in volume and 19.3 percent in value in February.
For intermediate goods, petroleum products registered a growth of 47.1 percent in volume and 95 percent in value, recovering from its contraction in the same period last year.
Wood and wood products swelled to 19.5 percent and 21.2 percent in volume and value of production, respectively. Non-metallic mineral products grew 26.3 percent and 20 percent by volume and value.
“This is a positive response to the government’s and private sector’s continuous efforts to ramp up infrastructure, as well as the increasing demand for housing from our expanding middle-class population,” Pernia said.