Metro Manila (CNN Philippines, September 5) — Local factories remained in a slump in July, churning out fewer products compared to a year ago.
Data from the Philippine Statistics Authority (PSA) showed July factory output declined by 8.1 percent, reversing a 10.1 percent jump in July 2018.
The downtrend has been going on since December.
The slowdown among Philippine factories came after a sharp drop in the production of petroleum products, which plunged by 75.8 percent. Petron Corporation, which runs the country’s biggest oil refinery, reported a slump in refinery operations during the first semester. This came after Petron had to shut down its plant in Limay, Bataan, since April as an earthquake shook parts of Luzon.
Last month, Petron said repairs to the Bataan refinery have been completed.
Other losing sectors were furniture and fixtures, non-metallic mineral products and electrical machinery, to name a few.
Local factory prices also slumped last month, with the total value of manufactured items down 7.3 percent.
Value of net sales also slid by 1.3 percent, versus a 17.2 percent climb posted in July last year.
Producers of furniture and fixtures, electrical machinery, basic metals, and miscellaneous manufactures recorded lower sales volume that month.
