MANILA, Oct. 8 (Xinhua) -- The performance of manufacturing production in the Philippines sustained its growth in August 2024, albeit at a slower pace, the Philippine Statistics Authority (PSA) said Tuesday.

Based on the preliminary results of the Monthly Integrated Survey of Selected Industries, the PSA said the year-on-year value of production index (VaPI) and the volume of production index (VoPI) increased by 1.8 percent and 2.8 percent in August, respectively.

The PSA said the VaPI rose at a slowed annual rate of 1.8 percent in August from a yearly increase of 6.4 percent in July, bringing the average VaPI growth rate from January to August this year to 0.8 percent.

In August 2023, the VaPI yearly growth rose 6.1 percent.

The PSA attributed the slower year-on-year growth rate of VaPI in August to the slower annual growth rate of the manufacture of food products industry division at 1.0 percent during the month from a yearly increment of 14.0 percent in July 2024.

Meanwhile, the VoPI for manufacturing registered a year-on-year growth of 2.8 percent in August, slower than its annual increase of 6.8 percent in July, bringing the average growth rate of VoPI for manufacturing from January to August 2024 to 1.7 percent.

In August 2023, the VoPI for manufacturing recorded an annual increase of 5.6 percent.

The PSA said the deceleration in the year-on-year growth rate of VoPI for manufacturing in August 2024 was primarily driven by the slower growth in the manufacture of food products, the manufacture of computer, electronic, and optical products, as well as the manufacture of coke and refined petroleum products. Enditem

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