MANILA, Philippines — The temporary closure of Petron Corp.’s refinery since February shrank total output of the country’s factories that month by 43.6 percent year-on-year, the Philippine Statistics Authority (PSA) reported Thursday.
The PSA’s monthly integrated survey of selected industries (Missi) report for February showed the volume of production index (VoPI) —a proxy for factory output— was mainly pulled down by the 85.4-percent drop in manufacture of coke and refined petroleum products.
To recall, Petron again temporarily suspended operations at its crude oil refinery in Limay, Bataan, due to low refining margins amid the pandemic-induced recession.
The PSA said…
Keep on reading: PH factories’ output fell 43.6% in February as Petron shuts down refinery