Year-on-year increases in VPI were observed in 11 major sectors. Among the 16 major sectors, miscellaneous manufactures posted the highest increase at 23.9 percent from 248.6 to 308.1. Electrical machinery sector followed with 18.2 percent from 675.9 to 798.7. Since January 1996, it posted double-digit year- on-year increases ranging from 14.9 percent to 77.1 percent due to continued increases in production of microcircuits, electrical wires and wiring products and electrical appliances.

Value of production and net sales for total manufacturing increased in June 1999 by 2.3 percent and 2.0 percent respectively compared to a year ago according to the preliminary results of the Monthly Integrated Survey of Selected Industries (MISSI).

However, volume of production and net sales posted year-on-year declines of 1.1 percent and 3.0 percent, respectively.

Food manufacturing, tobacco and chemicals showed increases in both production and sales. Food and chemicals in particular gained from increases in both domestic and export demand. On the other hand, beverages, textile, wearing apparel, wood, furniture, paper, petroleum, basic metals, and non-metallic mineral products posted decreases in both production and sales. This can be attributed to the general slowdown in manufacturing activities.

Production and sales of tobacco and chemical manufactures improved due to inventory management even as their use of existing capacity was reduced. On the other hand, inventory buildup was observed in rubber products and miscellaneous manufactures.

Preliminary results of the Monthly Integrated Survey of Selected Industries (MISSI) for October 1998 indicated a year-on-year decline in both production and sales in the manufacturing sector. Value of production decreased by 8.0 percent and volume of production by 15.9 percent from October 1997. Sales value and volume also dropped by 5.0 percent and 12.8 percent, respectively.