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Philippines PMI July 2023

Philippines: Manufacturing PMI improves in July

The S&P Global Manufacturing Purchasing Managers’ Index (PMI) rose to 51.9 in July, up from June’s 11-month low of 50.9. Consequently, the index rose further above the 50.0 no-change mark, pointing to a stronger improvement in manufacturing sector operating conditions from the previous month.

In July, both new orders and factory output grew at faster paces, supported by stronger domestic and foreign demand. This encouraged firms to bump up their purchasing activity and increase their post-production inventories. Upbeat conditions in the sector also supported firms’ optimism about output in the next 12 months—albeit by slightly less than in the previous month. Less positively, employment levels fell for the second consecutive month, delivery times worsened, and price growth picked up again.

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