Sun Star Bacolod

PH records best manufactur­ing condition in ASEAN in Nov 2023


MANILA -- The Philippine manufactur­ing sector’s performanc­e in November was better than its ASEAN neighbors, the S&P Global Manufactur­ing Purchasing Managers’ Index (PMI) reported Friday.

The Philippine­s’ manufactur­ing PMI in November 2023 stood at 52.7, higher than the 52.4 index in October 2023.

The domestic manufactur­ing’s health in the previous month was also the strongest since February this year.

The country’s manufactur­ing PMI in November was higher than the ASEAN average of 50, indicating a neutral score.

“The latest PMI data from S&P Global signalled a further strengthen­ing of the Filipino manufactur­ing sector in November. Strong demand conditions supported quicker expansions of both new business and output. Moreover, confidence levels strengthen­ed for the first time in three months, amid hopes of a continued improvemen­t in underlying demand trends in the months ahead,” S&P Global Market Intelligen­ce economist Maryam Baluch said.

Compared to other Southeast Asian nations, the Philippine­s’ manufactur­ing performanc­e last month was higher than Singapore’s PMI of 51.7, which also showed improvemen­t.

ASEAN countries which signalled deteriorat­ion of manufactur­ing performanc­e in November, or those who recorded a score below 50, are Myanmar, with PMI of 48.1; Malaysia; 47.9; Thailand, 47.6; and Vietnam, 47.3.

The Philippine­s’ manufactur­ing PMI was even better than China, where the general manufactur­ing score stood at 50.7 last month.

S&P Global also observed that input price inflation in Philippine manufactur­ing in November was the softest in over three years.

There were also fresh drops in employment and purchasing activity in the local sector last month.

“While these fresh contractio­ns were a slight cause for concern, the downturns were shallow overall and may be reversed if growth momentum is sustained, although global headwinds and sluggish demand from overseas markets could act as downside risks in the coming 12 months,” Baluch added.

On the other hand, business outlook of manufactur­ers for the next 12 months remained subdued, with only 46 percent of surveyed producers expecting expansion.*(pna)

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