Manufacturing production in the Philippines dropped by 5.5 percent year-on-year in February 2019, following an upwardly revised 0.7 percent gain in January. Output declined in electrical machinery (-8.2 percent vs 12.8 percent in January) and fell further in food manufacturing (-21.9 percent vs -8.5 percent) and non-metallic mineral products (-4 percent vs -3.3 percent). Also, output growth slowed in rubber & plastic products (10.1 percent vs 14.3 percent); chemicals (3.5 percent vs 7.2 percent); machinery except electrical (2.6 percent vs 10.2 percent); transport equipment (5.8 percent vs 7.2 percent) and tobacco (0.6 percent vs 9.2 percent). Meanwhile, production of basic metals decreased less (-9.5 percent vs -11.4 percent). Industrial Production in Philippines averaged 8.31 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 7.50 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 8.20 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.