FX.co ★ Philippine Industrial Output Growth Eases To 2.2%

Industrial production in the Philippines experienced a deceleration in May, according to preliminary data released by the Philippine Statistical Authority on Tuesday.

The manufacturing sector saw a 2.2 percent year-over-year increase in the value of production for May, a slower rate compared to the revised 5.7 percent growth observed in April. This growth fell short of the anticipated 6.2 percent increase.

The reduced annual growth rate in May can be largely attributed to the significant slowdown in the manufacture of computer, electronic, and optical products, which grew by just 1.6 percent compared to 9.4 percent in April. Additionally, the annual growth in the production of electrical equipment eased to 22.8 percent from 45.7 percent previously.

The most substantial negative contribution was observed in the manufacture of wood, bamboo, cane, rattan articles, and related products, which plummeted by 21.8 percent.

On a monthly basis, industrial production grew by a seasonally adjusted 0.4 percent from April, down from a 0.7 percent increase in the previous month.