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Philippines PMI November 2023

Philippines: Manufacturing PMI improves in November

The S&P Global Manufacturing Purchasing Managers’ Index (PMI) came in at 52.7 in November, up from October’s 52.4. November’s result marked the best reading since February. As such, 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.

Stronger demand in the past month supported quicker growth in both production and new business. Nevertheless, the overall improvement of the headline index was capped by weaker vendor performance, reduced employment levels and the first decrease in purchasing activity in 15 months.

Meanwhile, input price inflation was the lowest in over three years, and confidence among manufacturers ticked up from the previous month.

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