PH factories output fell 43.6% in February as Petron shuts down refinery

By evalderrama6 days ago

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MANILA, Philippines The temporary closure of Petron Corp.s refinery since February shrank total output of the countrys factories that month by 43.6 percent year-on-year, the Philippine Statistics Authority (PSA) reported Thursday.

The PSAs 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 18 other manufacturing sectors also posted year-on-year drops in production volumes last February.

National Statistician Dennis Mapa told the Inquirer that the decline in February’s VoPI was nonetheless exceeded by the 82.2-percent drop in factory output last August, based on updated Missi data with the new base year of 2018.

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