the manufacturing sector experienced an accelerated growth in February 2024, driven by increased production of food and electronics, according to data from the Philippine Statistics Authority .
This brings the average growth rate of VoPI from January to February 2024 to 7.5 percent. In February 2023, VoPI went up 2.6 percent. Computer, electronic, and optical products contributed 45.2 percent to the higher annual increment of VoPI for the manufacturing sector in February.Other significant contributors to the higher year-on-year growth of VoPI were the manufacture of food products, which grew by 9.2 percent in February, higher than the 5.2-percent increase in the previous month, and the double-digit annual increase observed in the manufacture of chemical and chemical products, at 25.
The top three industry divisions contributing to the overall year-on-year growth of VoPI in February 2024 were the manufacture of computer, electronic and optical products; coke and refined petroleum products; and food products.