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Philippines PMI April 2022

Philippines: Manufacturing PMI hits near five-year high in April

The S&P Global Manufacturing Purchasing Managers’ Index (PMI) came in at 54.3 in April, up from March’s 53.2. April’s reading was the highest since November 2017. Consequently, the index moved further above the 50.0 no-change threshold, signaling a faster improvement in business conditions compared to the previous month.

The Philippine manufacturing sector continued to benefit from the boost to demand coming from the recent relaxation of Covid-19 restrictions. Output and new orders grew at rates not seen since late 2018. Stronger demand was driven by domestic clients, with new export orders falling for the second month running due to flagging global economic momentum. The war in Ukraine continued hinder output: Raw materials shortages and rising energy costs meant input and output inflation remained near record levels. Nonetheless, business expectations rose to a four-month high thanks to the recent loosening of Covid-19 restrictions.

S&P Global’s Maryam Baluch said:

“While strengthening client demand has been able to support the recovery so far, it will be important to see how growth momentum is sustained amid ongoing supply chain disruption and sharply rising costs.”

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