Philippines August Production Falls At Slower Pace

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Monday, the Philippines National Statistical Office said in a report the volume of production index for the manufacturing sector dropped 13.3% year-on-year in August, slower than the revised 15.9% fall in the previous month. A fall in output was recorded across eight sub-sectors.

At the same time, the value of production index for the manufacturing sector dipped 15.2% in August, compared to the 18.7% decrease in July, with 13 sub-sectors witnessing a decline.

On a monthly basis, the volume of production index slipped 1.1% in August, while the value of production index grew 0.4%.

Meanwhile, the volume of net sales index slid 10.6% year-on-year in August, slower than the 15.5% fall in the previous month. Fourteen major sectors contributed to the decrease in sales volume.

The capacity utilization rate stood at 81.7% in August, slightly higher than the revised 81.6% recorded in July.

Monday, the Philippines National Statistical Office said in a report the volume of production index for the manufacturing sector dropped 13.3% year-on-year in August, slower than the revised 15.9% fall in the previous month. A fall in output was recorded across eight sub-sectors. (Market News Provided by RTTNews)