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Philippines PMI September 2023

Philippines: Manufacturing PMI improves in September

The S&P Global Manufacturing Purchasing Managers’ Index (PMI) rose to 50.6 in September from August’s 49.7. As such, the index rose above the 50.0 no-change mark, signaling an improvement in manufacturing-sector operating conditions from the previous month.

September’s rebound in the PMI was supported by an increase in new domestic orders and, accordingly, stronger output growth. The pick-up in demand and manufacturing activity led firms to onboard staff for the first time in four months. Less positively, purchasing activity stalled in the month, ending a streak of input-buying growth that started in September 2022.

Meanwhile, higher costs for raw materials, logistics and energy pushed up input prices and selling charges. Additionally, sentiment in the sector fell to a 15-month low amid concern regarding the strength of demand going forward.

Maryam Baluch, economist at S&P Global, commented on the release: “Global headwinds, including muted foreign demand conditions, weighed on overall growth in September, with mounting concerns regarding the sustainability of future demand reported by firms. Nonetheless, firms sought to expand staffing numbers despite signs of spare capacity amid hopes of further pick ups in new orders.”

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