Philippines: Manufacturing PMI hits highest reading since March in October
The S&P Global Manufacturing Purchasing Managers’ Index (PMI) came in at 52.4 in October, up from September’s 50.6. October’s result marked the best performance since March. Consequently, 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.
Quicker growth in output and new orders supported October’s upturn due to improving demand conditions, in particular thanks to recovering foreign demand. In turn, firms increased both their workforce numbers and their purchasing activity. Moreover, vendor performance improved for the second month running.
On the price front, higher costs for raw materials and energy boosted operating expenses. Even so, input inflation was the lowest in four months and output charges rose only marginally. Meanwhile, optimism in the manufacturing sector weakened to a 16-month low amid global headwinds and the lagged effects of monetary policy tightening threatening growth in the sector ahead.
Quicker growth in output and new orders supported October’s upturn due to improving demand conditions, in particular thanks to recovering foreign demand. In turn, firms increased both their workforce numbers and their purchasing activity. Moreover, vendor performance improved for the second month running.
On the price front, higher costs for raw materials and energy boosted operating expenses. Even so, input inflation was the lowest in four months and output charges rose only marginally. Meanwhile, optimism in the manufacturing sector weakened to a 16-month low amid global headwinds and the lagged effects of monetary policy tightening threatening growth in the sector ahead.