The Philippine manufacturing industry recorded a slower growth in output in March this year, according to a report from the Philippine Statistics Authority (PSA).
According to the PSA, the Volume of Production Index (VoPI) for manufacturing showed a year-on-year increase of 2.2 percent in March 2023.
The Volume of Production Index (VoPI) for manufacturing rose by 2.2 percent, which is slower than the 5.2 percent growth recorded in February 2023. In March last year, the VoPI grew at a faster annual rate of 346.2 percent.
The PSA attributed the slower growth in March 2023 to lower annual rates in the manufacture of beverages, as well as declines in the chemical and chemical products industry and the basic metals industry.
The Value of Production Index (VaPI) for manufacturing also showed a slower increase of 4.9 percent compared to the nine percent year on year growth recorded in February 2023.