MANILA, Philippines — Factory activity growth in the Philippines sagged for the eighth straight month this year in August, signs that business outlook remains less optimistic amid uncertainties.
Manufacturing output — as measured by the Volume of Production Index — fell 9.3% in June versus the 6.1% contraction posted in July and 3.1% growth a year ago, the Philippine Statistics Authority reported Friday.
Seven major industry groups recorded negative turnout with petroleum products posting the biggest drop of 59.0%, followed by furniture and fixtures (-43.4%), transport equipment (-19.0%), miscellaneous manufactures (-17.7%) and electrical machinery (-11.1%).
“The completion of infrastructure projects will improve transport and logistics, crucial in supporting the manufacturing sector,” Socioeconomic Planning Secretary Ernesto Pernia said.
“Domestic demand is seen to be more favorable in the third quarter of 2019, with production of consumer goods such as food and beverages, tobacco, footwear and wearing apparel, and furniture and fixtures are expected to increase,” he added. — Ian Nicolas Cigaral