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MANILA, Oct.6 (Xinhua) – The performance of manufacturing production in the Philippines declined further in August, the sixth consecutive month, the Philippine Statistics Authority (PSA) said Tuesday.
Based on the preliminary results, the PSA said that the annual production value index (VaPI) and the production volume index (VoPI) remain on a downward trend, decreasing 13.8 percent and 9.9 percent. cent in August, respectively.
The PSA said the decline in VaPI in August was slower than the reported annual contraction of 17.2 percent in the previous month.
“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,” the PSA said in a report.
On the VoPI for the manufacturing sector, the PSA said the figure in August also contracted at a slower rate of 9.9 percent compared to the 14.6 percent decline in July.
“The slower downtrend in VoPI for the sector was influenced by increases in the indices of two heavily weighted industry groups, namely chemicals, which increased 17.1 percent, and base metals, which increased 3.9 percent, “added the PSA. Final product
