Philippines PMI September 2020

Philippines

Philippines: Manufacturing sector stabilizes in September

October 1, 2020

The manufacturing Purchasing Managers’ Index (PMI), produced by IHS Markit, rose from 47.3 in August to 50.1 in September. The PMI thus moved slightly above the crucial 50-threshold, signaling marginally improving conditions in the manufacturing sector.

September’s uptick was driven by a softer fall in output and the first increase in new orders since February. Export orders also returned to growth, although employment declined. On the price front, input costs rose at a solid pace, while output prices increased only marginally due to tough competition.

Shreeya Patel, economist at IHS Markit, said:

"According to firms, the ongoing restrictions related to the Covid-19 pandemic continued to limit the performance of the sector, with some businesses forced to pare back operations. On a more hopeful note, stronger business sentiment and efforts to rebuild stocks suggest panellists are preparing for an improvement in demand over the coming months, although optimism continues to rest on the development of the pandemic.”

FocusEconomics Consensus Forecast panelists see manufacturing output falling 11.5% in 2020, which is down 1.3 percentage points from the previous month’s estimate. For 2021, the panel expects manufacturing output to increase 6.9%, which is also down 1.3 percentage points from last month’s projection.


Author:, Economist

Sample Report

Looking for forecasts related to PMI in Philippines? Download a sample report now.

Download

Philippines PMI Chart


Philippines PMI September 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.


Philippines Economic News

More news

Search form