On a roll, local factories sustain output growth in July

A survey of 400 companies showed the purchasing managers' index, a measure of factory output, stood at 52.2 in March, a tad lower than 52.5 in the preceding month, IHS Markit, a British information provider, reported Monday. Pixabay

MANILA, Philippines — Local factories sustained their hot streak as they posted triple-digit output growth in July owing to a low base. However, the recovery is under threat by lockdowns triggered by the hyper-contagious Delta variant.

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The Philippine Statistic Authority’s monthly survey of selected industries revealed that the volume of production index (VoPI), a gauge of manufacturing output, soared 537.9% year-on-year in July, speeding past the 453.1% annual growth in June.

Data showed that VoPI grew for the fourth straight month. Prior to this, output contracted for 13 consecutive months, which started at the onset of pandemic curbs in March last year.

Full Story: https://www.philstar.com/business/2021/09/09/2125983/roll-local-factories-sustain-output-growth-july