Philippines Manufacturing PMI

Last Release

Jul 31, 2024

Actual

51.2

Units In

Points

51.3

Frequency

Monthly

Next Release

N/A

Time to Release

N/A

Highest	Lowest	Average	Date Range	Source
57.5 Sep 2016	31.6 Apr 2020	51.8 Points	2016-2024	Markit Economics

The IHS Markit Philippines Manufacturing Purchasing Managers’ Index measures the performance of the manufacturing sector and is derived from a survey of 450 manufacturing companies. The Index is based on five individual indexes with the following weights: New Orders (30 percent), Output (25 percent), Employment (20 percent), Suppliers’ Delivery Times (15 percent) and Stock of Items Purchased (10 percent), with the Delivery Times index inverted so that it moves in a comparable direction. A reading above 50 indicates an expansion of the manufacturing sector compared to the previous month; below 50 represents a contraction; while 50 indicates no change.

Latest Updates

The S&P Global Philippines Manufacturing PMI declined to 52.9 in October 2024 from September's 27-month high of 53.7. However, it marked the 14th consecutive improvement in factory activity and the 2nd-highest reading since January 2023. Output and new orders grew for the 14th and 7th consecutive months, respectively, although easing from the previous month. This growth was supported by a rising customer base that strengthened underlying demand trends. Purchasing activity increased but at a notably weaker rate than in September, while vendor performance worsened to the second-greatest degree since December 2022, due to material shortages and port congestion. Employment increased the most in over seven years, while backlogs of work rose slightly. On prices, input cost inflation accelerated to an eight-month high due to material shortages and a weakening exchange rate, while output cost inflation climbed to its highest since May. Finally, business sentiment improved to a five-month high.