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Philippines PMI January 2023

Philippines: Manufacturing PMI strengthens in January

The S&P Global Manufacturing Purchasing Managers’ Index (PMI) rose to 53.5 in January from December’s 53.1. January’s result marked the best reading since June 2022. As such, the index moved further above the 50.0 no-change threshold, signaling a faster improvement in manufacturing sector operating conditions compared to the previous month.

The manufacturing sector strengthened in the first month of 2023 thanks to output rising for a fifth consecutive month. New orders also increased, partially on improved foreign demand following China’s reopening. To meet the surge in demand, firms expanded their purchasing activity and relied on inventories for the first time in 12 months. This also saw exports of manufacturing goods rise for the first time in nearly a year. Despite the upturn in the sector, input and output inflation continued to ease. Accordingly, firms grew more optimistic in January on expectations of higher demand in the year ahead.

Less positively, employment levels rose only marginally, capped by layoffs and resignations.

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