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Philippines PMI May 2023

Philippines: Manufacturing PMI picks up in May

The S&P Global Manufacturing Purchasing Managers’ Index (PMI) rose to 52.2 in May from April’s 51.4. Consequently, 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.

May’s index improved from April’s eight-month low thanks to stronger growth in output and new orders. The acceleration was reportedly supported by firming domestic demand and still-robust foreign demand. In turn, companies onboarded new employees for the first time in four months and at the fastest pace since October 2022. Purchasing activity and inventory building also grew at broadly stable paces in anticipation of further improvements in client demand. Lastly, supply-chain conditions bettered for the first time in 46 months in May, boding well for the sector’s performance.

Less positively, price pressures picked up again in the past month. Firms passed on the rise in input costs to customers. Moreover, optimism in the manufacturing sector moderated to a near one-year low.

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