Manufacturing production in the Philippines plunged 42.1 percent year-on-year in May 2020, after a downwardly revised 45.5 percent slump a month earlier. This was the 18th straight month of decline in manufacturing output, reflecting the severe impact caused bythe COVID-19 outbreak that led factory closures and movement restrictions. Production fell in all major groups: leather products (-40.8% vs -39.4% in April), footwear and wearing apparel (-78.7% vs -92.0%, furniture and fixtures (-11.0% vs -86.7%), fabricated mineral products (-59.7% vs -62.7%), non-metallic mineral products (-28.4% vs -58.8%), transport equipment (-80.3% vs -82.0%), beverages (-54.6% vs -73.5%), miscellaneous manufactures (-53.0% vs -64.3%), machinery except electrical (-62.3% vs -63.0%), electrical machinery (-37.8% vs -50.2%), printing (-61.4% vs -58.1%), petroleum products (-92.1% vs -57.5%), textiles (-43.9% vs -36.7%), basic metals (-46.2% vs -45.0%), and chemical products (-9.4% vs -9.0%).
Industrial Production in Philippines averaged 7.53 percent from 1986 until 2020, reaching an all time high of 68.60 percent in April of 1988 and a record low of -61.40 percent in April 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 August of 2020. source: Phillipine Statistics Authority
Industrial Production in Philippines is expected to be 4.20 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 9.50 in 12 months time. In the long-term, the Philippines Manufacturing Production is projected to trend around 6.00 percent in 2021, according to our econometric models.