Philippine Industrial Production Grows 4.0%

(RTTNews) - Philippine industrial output expanded for the second straight month in January, and at the fastest pace in six months, preliminary data from the Philippine Statistical Authority showed on Friday.

The value of production in the manufacturing industries rose 4.0 percent year-over-year in January, faster than the 0.4 percent rebound in December.

The acceleration in growth was mainly driven by a 9.3 percent surge in the manufacture of food products. Another positive outcome was the decline in the manufacture of basic metals eased sharply from 18.4 percent to 1.2 percent.

The faster annual increment of manufacture of machinery and equipment, except electrical, was 65.7 percent in January from an annual increase of 45.0 percent in December.

On a monthly basis, industrial production advanced a seasonally adjusted 1.3 percent from December, when it rose by 3.7 percent.