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Philippines PMI June 2023

Philippines: Manufacturing PMI decreases in June

The S&P Global Manufacturing Purchasing Managers’ Index (PMI) fell to 50.9 in June from May’s 52.2. June’s result marked the weakest reading since July 2022. That said, the index remained above the 50.0 no-change mark, pointing to a continued, albeit moderating, improvement in manufacturing sector operating conditions from the previous month.

Weaker output growth, lower employment levels and weaker vendor performance drove June’s moderation. Nevertheless, conditions in the manufacturing sector improved overall thanks to sustained growth in demand and new orders, lower input price inflation and stronger purchasing activity. Additionally, firms’ optimism rose to a five-month high.

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