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Philippines PMI April 2023

Philippines: Manufacturing PMI falls in April

The S&P Global Manufacturing Purchasing Managers’ Index (PMI) came in at 51.4 in April, down from March’s 52.5. April’s result marked the lowest reading since August 2022. That said, the index remained above the 50.0 no-change threshold, pointing to a softer improvement in manufacturing sector operating conditions from the previous month.

The index came in at an eight-month low on weaker growth in new orders amid muted domestic demand. This development translated into reduced production growth, while reported retention issues across the manufacturing sector underpinned a third consecutive month of declining workforce numbers. Compounded by weaker vendor performance, staff shortages resulted in higher backlogs.

In contrast, external demand strengthened, pushing new business growth to a near-two-year high and encouraging purchasing activity. Additionally, input inflation fell to a 30-month low last month and drove a corresponding marginal increase in output costs. Lastly, optimism across the sector strengthened to a three-month high on expectations of an impending recovery in demand.

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