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AUG FACTORY OUTPUT POSTS 534.6% GROWTH www.businessmirror.com.ph
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Friday, October 8, 2021 Vol. 16 No. 359
P25.00 nationwide | 15 sections 76 pages | 7 days a week
By Cai U. Ordinario @caiordinario
HE country’s manufacturing output continued to post tripledigit growth in August, according to the latest data released by the Philippine Statistics Authority (PSA). Based on the Production Index and Net Sales Index or the Monthly Integrated Survey of Selected Industries, the Volume of Production (VoPI) surged 534.6 percent in August. This is the fifth consecutive month that the VoPI posted triple-digit growth this year. However, the growth in August was slightly lower than the
539.7-percent growth recorded in July. “Sixteen industry divisions contributed to the positive growth of VoPI in August 2021, of which the fastest growth was reported in manufacture of coke and refined petroleum products at 3,800.9 percent,” the PSA noted. See “Aug,” A2
SIXTEEN is an age normally associated with sweetness. For BusinessMirror, turning 16, in a time of
unprecedented crisis gripping the world for nearly two years, is a supreme challenge, for obvious reasons. But, as our anniversary theme says, “the business of living” goes on, even more so for one that promised to give the “broader look.” This special anniversary issue is for all those who believed, and continue to hold us to, that promise. BERNARD TESTA
AMRO cuts GDP growth forecast for PHL T HE rise in Covid-19 cases has prompted the Asean+3 Macroeconomic Research Office (AMRO) to bring down its economic forecast for Philippine GDP growth this year and in 2022. In the update of the Asean+3 Regional Economic Outlook (AREO) 2021, AMRO said it now estimates Philippine GDP growth to average 4.3 percent
PESO exchange rates n US 50.7600
this year and 6.7 percent next year. In March, AMRO estimated that the country’s GDP growth was forecast to reach 6.9 percent this year and 7.8 percent next year. “Obviously the Philippines has been hit more badly than some of the economies. Last year it fell by 9.5 percent and we had initially expected growth to
be around 6 percent but because of the recent infections, we had to shave down our growth forecast,” AMRO Chief Economist Hoe Ee Khor said in a briefing on Thursday. “I think what is important is that the vaccination rate in the Philippines has now been ramped up.” Based on the report, the Philippines is expected to vaccinate 80 percent of its target popula-
tion by early 2022. Currently, some 42.3 percent have received at least one dose of the vaccine. The target for 2021, meanwhile, is to vaccinate 50 percent. Khor said vaccination is going to be a key driver for the Philippine economy because of its reliance on services. Continued on A13
n japan 0.4557 n UK 68.9625 n HK 6.5191 n CHINA 7.8436 n singapore 37.3620 n australia 36.8974 n EU 58.6583 n SAUDI arabia 13.5353
Source: BSP (October 7, 2021)