Philippine Industrial Production Falls 1.6%

(RTTNews) - Philippine industrial output contracted in February after rising in the previous two months, preliminary data from the Philippine Statistical Authority showed on Tuesday.

The value of production in the manufacturing industries dropped 1.6 percent year-over-year in February, reversing a 3.0 percent growth in February.

The downward trend in February was driven by a 35.6 percent slump in the manufacture of basic metals. Another negative outcome was the decline in the manufacture of machinery and equipment, except electrical, which fell sharply by 29.1 percent.

On the other hand, the highest yearly increase was noted in the manufacture of leather and leather products, including footwear at 30.9 percent during the period.

On a monthly basis, industrial production decreased a seasonally adjusted 3.5 percent from January, when it rose by 1.3 percent.

Separate official data showed that the Philippines' unemployment rate dropped to 3.8 percent in February from 4.3 percent in January. The total number of unemployed individuals in February was registered at 1.94 million compared to 2.16 million in the previous month.