Manufacturing posts double-digit growth in April

MANILA, Philippines — Factory production in April grew to its fastest pace in eight years fueled by strong consumer demand and a weaker exchange rate, the government reported on Tuesday.

Manufacturing output—as measured by the Volume of Production Index—recorded a year-on-year growth of 31.1 percent in April, data released by the Philippine Statistics Authority show.

That was higher than the minimal annual growth of 0.1 percent during the same month last year and the revised 16.5 percent growth clocked in March.

According to the PSA, the bullish factory production for the month was due to significant expansion made by printing, which surged by 182.8 percent, as well as double-digit growth posted by other major sectors.

“A bullish business outlook is expected for the entire second quarter on the back of robust economic growth. An expansion of businesses will also be facilitated thanks to the new law on ease of doing business,” Socioeconomic Planner Jose Miguel de la Rosa said in a statement.

“The full implementation of the Ease of Doing Business Act of 2018 and engagement in massive and coordinated capacity-building initiatives will help the manufacturing sector grow further,” he added.