Philippine factory output declines 1.6% in Feb

Factory output in the Philippines declined in February this year, according to preliminary data released by the Philippine Statistics Authority.

The value of production index (VaPI) fell by 1.6% in February, reversing from a 3% increase seen in January.

Despite the February decline, VaPI grew by 0.7% for the first two months of the year.

The decline was largely due to a significant decrease in the manufacture of basic metals and slower increases in machinery production.

The volume of production index (VoPI) also decreased by 2.4%, compared to a 2.3% increase in January.

All industry divisions reported capacity utilization rates above 60%, with machinery and equipment manufacturing leading at 83.7%.

These figures highlight the current challenges faced by the manufacturing sector, despite some positive trends for the year's first two months.