Phiippine manufacturing up 4.7% in May

The Philippine manufacturing industry has sustained its growth in May as shown by the 4.7 percent hike in the value of production index (VAPI).
The National Statistics Office (NSO) reported in its monthly integrated survey of selected industries a slowdown in production values in furniture and fixtures and publishing and printing.
However, a three-digit increase in production values were exhibited by transport equipment and footwear and wearing apparel sectors, registering a growth of 128.8 percent and 121.8 percent, respectively.
On the other hand, on a monthly comparison, VaPI grew to 4.6 percent in May 2012, showing an improvement from its previous month’s decline of 9.6 percent. This was contributed by 18 major sectors, with two-digit increase in footwear and wearing apparel (23.1%), fabricated metal products (20.0%), machinery except electrical (14.7%), petroleum products (13.4%) and leather products (12.5%).
On a year-on-year basis, Volume of Production Index (VoPI) likewise posted a minimal increase of 3.1 percent in May 2012. This was accounted for the three-digit growth in production output of footwear and wearing apparel (124.7%), transport equipment (118.2%) and furniture and fixtures (103.4%).
On a month-on-month basis, VoPI recovered as it posted an increase of 4.9 percent in May 2012 from the previous month’s drop of 9.1 percent.
Among the 16 major sectors that reported increase in production output, five major sectors significantly contributed to the growth — footwear and wearing apparel (23.1%), fabricated metal products (22.2%), petroleum products (19.2%), machinery except electrical (13.8%) and leather products (12.5%).