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Financial News: Philippine Industrial Production Growth Improves

Philippine Industrial Production Growth Improves

07/07/2022 - 04:07:00 (RTTNews)

(RTTNews) - Philippine industrial production growth improved in May, after easing sharply in the previous month, preliminary data from the Philippine Statistical Authority showed on Thursday.

The value of production in the manufacturing industries climbed 8.9 percent year-over-year in May, following a revised 7.6 percent gain in April. Production has been rising since April 2021.

Among divisions, the manufacture of machinery and equipment except electrical logged the strongest annual growth in May, by 60.8 percent.

Production of chemicals and chemical products grew significantly by 49.7 percent, and that of food products rose 18.2 percent. Meanwhile, electrical equipment output registered the sharpest fall of 16.4 percent.

The volume of industrial production also expanded at a faster pace of 1.9 percent yearly in May, after a 1.2 percent increase in April.

Data also showed that the net sales index continued to increase at a slower rate of 18.8 percent annually in May, following a 25.9 percent rise in April.

Further, producer price inflation rose to 6.9 percent in May from 6.3 percent a month ago.

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