Manufacturing production in the Philippines declined by 9.3 percent in December 2018, after an upwardly revised 2.4 percent rise in November. It was the first drop in industrial output since December 2017, amid declines in production of food manufacturing (-15.8 pct vs -12.3 pct); chemicals (-28.2 pct vs -2.7 pct); printing (-78.5 pct vs -72.2 pct); basic metals (-16.5 pct vs 3.6 pct); machinery except electrical (-4.1 pct vs -7.5 pct); transport equipment (-6.6 pct vs 4 pct); and fabricated metal products (-8.5 pct vs -0.3 pct). In contrast, output grew for: petroleum products (16.3 pct vs 35.7 pct); electrical machinery (5.8 pct vs 19 pct); textiles (57 pct vs 53.7 pct); beverages (19 pct vs 25 pct); non-metallic mineral priducts (10.8 pct vs 6.9 pct); paper and paper products (9.7 pct vs 21.2 pct); wood and wood products (12.3 pct vs 2.4 pct); and miscellaneous manufactures (1.2 pct vs 25.2 pct). Industrial Production in Philippines averaged 8.38 percent from 1986 until 2018, 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 6.60 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.