Manufacturing production in the Philippines surged 249.5% year-on-year in May 2021, accelerating from a downwardly revised 145.5% growth in April. This was the second straight month of increase in manufacturing output and the strongest pace in the 2018-based data series, amid a low base effect from last year due to the impact of COVID-19, boosted by coke and refined petroleum products (1,427.7% vs -24.3% in April), transport equipment (123.1% vs 315.6%), basic metals (155.4% vs 778.5%), and fabricated metals (270.3% vs 564.2%). Also, production rose further for food products (24% vs 35.2%), other non-metallic mineral products (96.6% vs 291.6%), electrical equipment (76% vs 262.2%), rubber and plastics (233.1% vs 134%), wearing apparel (57.8% vs 192.5%), machinery except electrical (29.7% vs 43.7%), and furniture (93.6% vs 546.2%). In contrast, output fell for tobacco products (-69.3% vs -0.4%), chemicals (-1.7% vs 34%), and basic pharmaceutical products (-2% vs -19.2%). source: Phillipine Statistics Authority
Industrial Production in Philippines averaged 6.95 percent from 1986 until 2021, reaching an all time high of 249.50 percent in May of 2021 and a record low of -83.10 percent in August of 2020. This page provides - Philippines Industrial Production - actual values, historical data, forecast, chart, statistics, economic calendar and news. Philippines Manufacturing Production - data, historical chart, forecasts and calendar of releases - was last updated on July of 2021.
Industrial Production in Philippines is expected to be 5.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Industrial Production in Philippines to stand at 7.50 in 12 months time. In the long-term, the Philippines Manufacturing Production is projected to trend around 6.00 percent in 2022, according to our econometric models.