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Philippines PMI April 2024

Philippines: Manufacturing sector improves at a quicker pace in April

The S&P Global Philippines Manufacturing Purchasing Managers’ Index (PMI) rose to 52.2 in April from 50.9 in March. As a result, the index moved further above the 50.0 no-change threshold and signaled a faster improvement in manufacturing-sector operating conditions compared to the previous month.

April saw a solid expansion in production and the fastest increase in new orders since November of the previous year. Export market conditions also improved, contributing to a rise in new export orders for the third consecutive month. This uptick in demand and production requirements led to increased purchasing activity, with firms raising their efforts in stockpiling pre- and post-production inventories at the fastest rates in 12 and 17 months, respectively. Additionally, employment in the manufacturing sector grew for the third month in a row, although the rate of job creation eased slightly from March.

In terms of prices, cost burdens remained historically subdued in April. This allowed Filipino goods producers to largely maintain their charges at levels seen in March, indicating a competitive pricing strategy despite reports of higher raw material costs. Business sentiment in the manufacturing sector was largely positive, with nearly a quarter of surveyed businesses predicting growth in production. However, the degree of confidence dipped to a four-year low, suggesting some caution among manufacturers about future prospects.

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