Manufacturing output grew at a faster pace in February this year, the Philippine Statistics Authority (PSA) said on Friday.

The PSA’s Monthly Integrated Survey of Selected Industries showed that the Value of Production Index (VaPI) grew by 7.5 percent in February, up from the 5 percent expansion in January.

The VaPI during the month was also higher than the 6.7 percent growth recorded in February 2023.

“The expansion in the annual growth of the VaPI in February 2024 was mainly attributed (to) the double-digit annual increase in the manufacture of computer, electronic and optical products at 14.7 percent in February 2024 from an annual increase of 0.4 percent in the previous month,” the PSA said.

Other main contributors to the higher growth of VaPI include the faster increase in the manufacture of chemical and chemical products at 21 percent from 3.4 percent in the previous month, and manufacture of food products at 9.5 percent from 5.9 percent in January.

PSA data also showed that the growth of the Volume of Production Index (VoPI) accelerated to 8.9 percent in February from 6.2 percent in January and 2.6 percent in February last year.

The higher VoPI was attributed to the double-digit increase in the manufacture of computer, electronic and optical products at 13.4 percent from a -1.4 percent the previous month.

The PSA, meanwhile, said that in February, the average capacity utilization rate for the manufacturing sector slightly went down to 75 percent from 75.2 percent in January.

In February 2023, the average capacity utilization rate was lower at 72.7 percent.

“All industry divisions reported capacity utilization rates of more than 60.0 percent during the month,” the PSA said.

The top three industry divisions in terms of reported capacity utilization rate were manufacture of machinery and equipment except electrical (84.6 percent), manufacture of rubber and plastic products (80 percent), and manufacture of transport equipment (80 percent). (PNA)