Factory output still down in May in the Philippines

Citizens undergo coronavirus testing in a quarantined community in Mandaluyong City, Metro Manila, Philippines, on May 11, 2020. PHOTO: EPA-EFE. Sketched by the Pan Pacific Agency.

MANILA, Jul 7, 2020, The Manila Times. Factory output, both in volume and value continued to contract in May but at a slower pace compared to the recorded decline in April, the Philippine Statistics Authority (PSA) said, The Manila Times reported.

Results of the latest Monthly Integrated Survey of Selected Industries released on Tuesday showed that the country’s volume of production (VoPi) contracted by 40.3 percent in May from 43.6 percent decline in April.

Value of production (VaPi) on the other hand, likewise declined by 42.1 percent, slower than April’s 45.5 percent decrease.

The National Economic and Development Authority (NEDA) in a statement said the manufacturing sector was showing signs of recovery in May 2020 and is expected to continue its rebound as the Philippine economy gradually reopens.

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