Tuesday, a report by the Philippines National Statistics Office said the volume of production in manufacturing declined 19.9% year-on-year in January, at a faster pace compared to a revised 14.2% fall in December.

At the same time, the value of production dropped 16.8% in January compared to a 7.6% decline in December.

Month-on-month, the volume of production slipped 22.4%, while the value of production was down 24.2% in January.

During the month, the average capacity utilization in the manufacturing sector declined to 77.5% from 80.6% in December.

Meanwhile, the volume of net sales fell 17.7% annually in January compared to a 23.7% drop in the previous month. The value of net sales was down 14.7% compared to a 17.8% drop in December.

On a monthly basis, the volume of net sales declined 5%, while the value of net sales slipped 7.2% in January.

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