Philippine Industrial Production Growth Improves To 10.7%

(RTTNews) - Philippine industrial output growth accelerated for the first time in three months in April, largely driven by a surge in the production of food products, preliminary data from the Philippine Statistical Authority showed on Thursday.

The value of production in the manufacturing industries climbed 10.7 percent year-over-year in April, faster than the revised 6.0 percent gain in March.

Out of the 22 industry divisions for the manufacturing section, manufacture of food products was the industry division with the highest weightage, the agency said.

The annual growth in the food products industry quickened to 19.7 percent in April from 10.0 percent in March. Similarly, production of transport equipment grew at a faster pace of 35.8 percent versus a 23.1 percent surge a month ago.

In April, the volume of industrial production also increased at an accelerated rate of 8.2 percent year over year, following a 3.4 percent increase in the prior month.

Data also showed that the net sales index rebounded 0.7 percent annually in April, after a 0.3 percent fall in March.