Manufacturing production in the Philippines dropped by 7.3 percent year-on-year in July 2019, the sixth straight month of yearly decline, after an upwardly revised 10.2 percent fall in a month earlier. Declines were seen in the output of petroleum products (-76.5% vs -69.9%), electrical machinery (-8% vs -8.3% in June), basic metals (-8.5% vs -23.8%), miscellaneous manufactures (-13.6% vs -8.3%), and textiles (-3.3% vs -3.8%). In contrast, production grew further for chemical products (11.1% vs 1%), beverages (9.8% vs 21.2%), printing (36.4% vs 66.3%), rubber & plastics (8.7% vs 11.9%), wood & wood products (43.1 vs 4.4%), and non-metallic mineral products (1.5% vs 3%); while rebounded for food manufacturing (3.6% vs -6.8%), fabricated metal products (26% vs -1.5%), furniture & fixtires (23.2% vs -6%), and transport equipment (2.8% vs -5.8%). Industrial Production in Philippines averaged 8.10 percent from 1986 until 2019, 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 -0.90 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 4.50 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.