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Market Update: Philippines Manufacturing Output Growth Hits on Record
Manufacturing production in the Philippines surged 154.3 percent year-on-year in April 2021, rebounding sharply from 74.2 percent plunge in March. This was the strongest increase in manufacturing output since the series began in 1986, amid a low base effect from last year, due to the impact of the coronavirus pandemic. Production recovered for: machinery except electrical (28.2% vs -24.3%), wearing apparel (521.8% vs -4.0%), while output grew more for (335.2% vs 7.4%), electrical equipment (246.0% vs 54.8%), food products (39.2% vs 10.1%), fabricated metal products (571.6% vs 103.2%), furniture (546.2% vs 22.3%), rubber and plastic products (173.9% vs 38.7%), transport equipment (419.6% vs 41.4%), paper products (61.8% vs 33.8%), electronic and optical products (68.3% vs 16.3%), and non-metallic mineral products (294.4% vs 47.9%). In addition, production of pharmaceutical products fell much less (-19.4% vs -29.2%). source: Phillipine Statistics Authority [/s2If]
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