Manufacturing production in the Philippines increased at a markedly faster pace in February, preliminary data released by the National Statistics Office showed Tuesday.
The volume of production at Philippine factories increased 5.1 percent on an annual basis in February, sharply faster than the revised 0.5 percent growth recorded in January. Compared to the previous month, production volume advanced 4.7 percent during the month.
In value terms, manufacturing production rose 8.4 percent in February, following the previous month's revised 3.3 percent increase. Month-on-month, production value rose 5.1 percent during the month.
Meanwhile, the volume of manufacturing sales decreased 3.6 percent year-on-year during the month, offsetting the previous month's 1.8 percent increase. The value of sales dropped 0.6 percent annually, after growing 4.6 percent in January.
The agency said Philippines' producer price inflation accelerated to 3.1 percent in February from 2.7 percent in the previous month.
by RTT Staff Writer
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