Philippine Industrial Production Rebounds 0.4%

(RTTNews) - Philippine industrial output expanded at a slower-than-expected pace in December after falling in the previous month, preliminary data from the Philippine Statistical Authority showed on Friday.

The value of production in the manufacturing industries rose 0.4 percent year-over-year in December, reversing a 3.5 percent decrease in November. The expected rebound was 3.0 percent.

The overall increase in December was mainly driven by an 8.6 percent renewed growth in the manufacture of computer, electronic, and optical products versus a 2.5 percent annual fall in November.

The annual growth in the production of machinery and equipment, except electrical, accelerated to 44.7 percent from 30.3 percent. Meanwhile, a decline of 18.2 percent was seen in the manufacture of basic metals.

On a monthly basis, industrial production advanced a seasonally adjusted 3.7 percent from November, when it declined by 0.7 percent.

During the year 2024, total value industrial production was 0.2 percent higher compared to 2023.