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Philippines PMI January 2024

Philippines: Manufacturing PMI falls in January

The S&P Global Philippines Manufacturing PMI fell to 50.9 in January from 51.5 in December. As a result, the index remained above the 50.0 no-change threshold, signaling a softer improvement in manufacturing sector operating conditions compared to the previous month.

The latest PMI data indicates a slowdown in the manufacturing sector, with weaker growth in both output and new orders due to cooling demand. That said, employment levels stabilized in January following two consecutive months of decline, and purchasing activity strengthened. Despite concerns about global headwinds and sluggish demand from external markets, manufacturers remained optimistic about output in the coming months. Lastly, inflationary pressures cooled.

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