MANILA, Philippines - The country’s manufacturing output likely rose above 20 percent in January on the back of exports growth and strong domestic demand, research firm Moody’s Analytics said.
In a research note, Moody’s Analytics said manufacturing output could have expanded 24 percent in January.
The pace of growth is a bit slower than the 26.5 percent growth recorded in December, the fastest since March 2010.
“Industrial production in the Philippines accelerated through the second half of 2013, growing at more than 25 percent year-on-year in December,†Moody’s Analytics said.
“This momentum likely carried over to the opening months of 2014, as exports continue to grow strongly and domestic demand, in aggregate, has barely been affected by the November typhoon,†it added.
Philippine Statistics Authority data showed that the December output was driven largely by the rise in the production chemical products and furniture and fixtures.
Manufacturing output expansion was also on the back of double-digit growth in the production of machinery except electrical, leather products, tobacco products, transport equipment, rubber and plastic products, fabricated metal products, and electrical machinery.
Apart from the acceleration in the volume of production index, the value of production index also rose 21.4 percent in December.
This was owed mainly to increases in the value of chemical products, furniture and fixtures, leather products, machinery except electrical, and tobacco products.
The growth in the value of production index was also influenced by the performance of transport equipment, electrical machinery, fabricated metal products, rubber and plastic products, and publishing and printing.