MANILA (Philippine Daily Inquirer/ANN): The country’s total manufacturing output slid by 73.4 percent year-on-year in March, the fastest drop in seven months, mainly due to the temporary closure of the only remaining oil refinery in the Philippines.
The Philippine Statistics Authority’s (PSA) monthly integrated survey of selected industries for March, which was released on Friday, showed the volume of production index (VoPI)—proxy for factory output—posted the steepest decline since the 82.2 per cent in August 2020.
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