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The factory’s production fell at a slower pace in August amid the lingering impact of the COVID-19 pandemic, the Philippine Statistics Authority said Tuesday. The data showed that the index’s production volume contracted 9.9 percent in August, compared with a 14.6 percent drop in July. The decline in August last year was 12.5 percent. “The slower downtrend in VoPI was influenced by increases in the indices of two heavily weighted industry groups, namely chemicals (17.1 percent) and base metals (3.9 percent),” said the PSA. The output value index fell 13.8 percent in August, also slower than the reported annual decline of 17.2 percent in July. “The August 2020 figure was the sixth consecutive month that VaPI had negative growth and the fourth consecutive month that it declined at a slower rate. In August 2019, VaPI fell at a slower rate of -11.2 percent, ”said the PSA. The average capacity utilization rate for the manufacturing sector in August decreased slightly to 65.3 percent from 66.9 percent in July.
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