Year-on-year contraction in factory output further slowed in December last year to its narrowest since COVID-19 quarantine started, the government reported on Friday.
The Philippine Statistics Authority’s (PSA) latest monthly integrated survey of selected industries report for December showed that the volume of production index (VoPI) had shrunk by 2.8 percent year-on-year that month, the slowest since the monthly decline began in March last year.
VoPI—a proxy for factory output—posted growth in the first two months of 2020 before sliding amid prolonged quarantine restrictions—including a record fall of 37 percent in April when 75 percent of the economy stopped at the height …
Keep on reading: Factory output contraction eased to 2.8% in December