MANILA, Philippines — Factory production registered a sluggish growth in November 2018 to post the slowest rate in almost a year, the country’s statistics agency reported Friday.
Manufacturing output—as measured by the Volume of Production Index—grew 1 percent last November, slower than 3.6 percent recorded in October but was a reversal from 10.1 percent contraction a year ago.
While the November figure marked the eleventh consecutive month of positive growth, it was the slowest reading in 2018 so far.
In a statement, Socioeconomic Planning Secretary Ernesto Pernia said factory output was likely dampened by less optimistic business and consumer outlook in the fourth quarter, as reported by the central bank.
“The upside factors that can help improve consumer outlook and prop up demand are the sustained slowdown of inflation in December on the back of the decline in rice and oil prices, and a rollback in minimum jeepney fare,” Pernia nonetheless said.
“We also expect that election-related spending will drive up manufacturing, particularly production of food, beverage, tobacco, printing and paper products,” he added.
FROM BUSINESSWORLD: Nov. factory reading best in 11 months
— Ian Nicolas Cigaral