FX.co ★ Philippine Industrial Production Rebounds 0.4%

The industrial output in the Philippines experienced a modest expansion in December, contrary to the more robust growth predicted, following a decline in November. This was reported by the Philippine Statistical Authority on Friday with preliminary figures.

In December, the manufacturing sector saw its production value increase by 0.4 percent compared to the same month the previous year, a turnaround from a 3.5 percent decrease in November. Analysts had anticipated a recovery of 3.0 percent.

The primary contributor to this growth was an 8.6 percent resurgence in the manufacturing of computer, electronic, and optical products, which had suffered a 2.5 percent decline in November. Additionally, there was a significant upsurge in the production of machinery and equipment (excluding electrical), which grew by 44.7 percent compared to a 30.3 percent increase in November. Conversely, the manufacture of basic metals fell by 18.2 percent.

Analyzing on a month-to-month basis, industrial production rose by a seasonally adjusted 3.7 percent from November, reversing a 0.7 percent decrease in the preceding month.

For the year 2024, the total value of industrial production saw a modest rise of 0.2 percent compared to 2023.