Manufacturing production in the Philippines increased by 3.1 percent year-on-year in October of 2018, after an upwardly revised 4.5 percent rise in September. It was the weakest gain in manufacturing production since December last year, as output growth slowed for machinery except electrical (14.7 pct vs 17.3 pct in September); textiles (49.7 pct vs 51.4 pct); transport equipment (10.1 pct vs 17.5 pct); chemical products (2 pct vs 15.7 pct); and basic metals (1.4 pct vs 7.8 pct). In addition, production fell further for food manufacturing (-13.2 pct vs -8.2 pct); fabricated metal products (-30.8 pct vs -28.2 pct); and leather products (-12.7 pct vs -6.6 pct). In contrast, output advanced faster for electrical machinery (24.4 pct vs 17.5 pct); and miscellaneous manufactures (36.9 pct vs 21 pct) and rebounded for tobacco products (8.7 pct vs -24.4 pct); and rubber and plastics (5.8 pct vs -8.4 pct). Industrial Production in Philippines averaged 8.45 percent from 1986 until 2018, reaching an all time high of 68.60 percent in April of 1988 and a record low of -26.60 percent in January of 2009.
Industrial Production in Philippines is expected to be 9.50 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 7.90 in 12 months time. In the long-term, the Philippines Manufacturing Production is projected to trend around 5.30 percent in 2020, according to our econometric models.