Monday, the National Statistics Office of Philippines said in a report that the volume of production in manufacturing dropped 21.1% year-on-year in February, at a slower pace compared to a revised 23.8% fall recorded in January. This was mainly due to decline in output from 18 of the 20 major sectors.

At the same time, the value of production dipped 18.9% annually in February, slower than a revised 21.1% decline in January. Sixteen out of 20 industries contributed to the drop.

Month-on-month, the volume of production grew 3.4% in February, following a 23.8% fall in January. The value of production rose 3.3%, after a 27.8% drop in the preceding month.

In February, the average capacity utilization increased to 77.7% from a revised 77.5% in the previous month.

Meanwhile, the volume of net sales slipped 22.8% year-on-year in February compared to a 19.5% fall in January. The value of net sales was down 20.7% compared to a 16.7% decline in the preceding month.

On a monthly basis, the volume of net sales decreased 4.1%, while the value slipped 4.3%.

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