Manufacturing production in the Philippines plunged 46.5 percent year-on-year in February 2021, after revised 16.7 percent fall in January. This was the thirteenth straight month of drop in manufacturing output and the steepest decline since last September, amid disruptions caused by COVID-19 pandemic. Production fell more for, among other: petroleum products (-89.3% vs -53.0% in January), food products (-6.5% vs -2.0%), machinery except electrical (-50.8% vs -49.5%), fabricated metal products (17.5% vs -1.2%), wearing apparel (-29.9% vs -24.5%), furniture (-33.6% vs -31.8%), rubber and plastic products (-15.3% vs -7.1%), while dropped for both transport equipment (-9.2% vs 6.8%) and paper products (-2.6% vs 1.7%). Output decreased less for: electronic and optical products (-16.9% vs -17.8%), non-metallic mineral products (-4.1% vs -12.2%), textiles (-33.2% vs -44.0%), leather (-21.1% vs -14.9%). In contrast, output grew for electrical equipment (9.3% vs 17.0%). source: Phillipine Statistics Authority
Industrial Production in Philippines averaged 6.27 percent from 1986 until 2021, reaching an all time high of 68.60 percent in April of 1988 and a record low of -82.90 percent in August of 2020. This page provides - Philippines Industrial Production - actual values, historical data, forecast, chart, statistics, economic calendar and news. Philippines Manufacturing Production - data, historical chart, forecasts and calendar of releases - was last updated on April of 2021.
Industrial Production in Philippines is expected to be 9.50 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 7.50 in 12 months time. In the long-term, the Philippines Manufacturing Production is projected to trend around 6.00 percent in 2022, according to our econometric models.