Manufacturing in the Philippines sustained a solid improvement in October 2024, based on the purchasing managers’ index (PMI) compiled by S&P Global.
“The upturn was supported by another strong uptick in new orders, which allowed manufacturers to raise their output. Though in both cases, rates of growth eased on the month. Nonetheless, the further improvement in demand meant that firms raised their purchasing activity and staffing levels again, with companies recording the strongest increase in the latter in over seven years,” S&P Global said.
The headline S&P Global Philippines Manufacturing PMI– a composite single-figure indicator of manufacturing performance – showed an improvement in the sector’s health for the 14th straight month in October.
It said while the headline index fell from September’s 27-month high of 53.7 to 52.9, it was the second-highest reading since January 2023, and indicated a historically solid improvement in the sector.
S&P Global Market Intelligence economist Maryam Baluch said the expansion in new orders was robust, allowing goods producers to raise their output.
“More encouragingly, employment became the real stand-out this month, with the rate of job creation the strongest in over seven years,” she said.
