Philippines PMI November 2020


Philippines: Manufacturing PMI increases in November

December 1, 2020

The manufacturing Purchasing Managers’ Index (PMI), produced by IHS Markit, rose from 48.5 in October to 49.9 in November. The PMI thus moved closer to the crucial 50-threshold, and signaled broadly stable conditions in the manufacturing sector.

November’s increase was driven by the first rise in output since June, and a softer decline in new orders. However, employment continued to fall at a notable rate. Input cost inflation accelerated, while output prices increased only marginally due to efforts to boost sales.

Shreeya Patel, economist at IHS Markit, was cautious on the outlook for the manufacturing sector:

“The path to recovery may not be smooth. The health of the sector rests on the number of Covid-19 cases and the impact the virus has on the global economy. Whilst vaccine developments look promising, it is still unclear when restrictions will come to a complete end.”

FocusEconomics Consensus Forecast panelists see manufacturing output rising 5.8% in 2021, which is up 0.1 percentage points from the previous month’s estimate. For 2022, the panel expects manufacturing output to increase 5.5%.

Author:, Economist

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Philippines PMI Chart

Philippines PMI November 20 20

Note: Philippines Manufacturing Purchasing Managers’ Index. Readings above 50 indicate an overall increase compared to the previous month while readings below 50 indicate an overall decrease.
Source: IHS Markit.

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