The country’s manufacturing score in February has improved to 52.8, its highest since December 2018, the IHS Markit Manufacturing Purchasing Managers’ Index (PMI) reported Tuesday.
Last month’s manufacturing PMI was also better than the 50 index registered in January.
IHS Markit economist Shreeya Patel said there were solid expansions in output and new orders that supported the growth of the local manufacturing sector.
“While the relaxation of restrictions was no doubt the latest driver of growth, there were also tentative signs of improvements in material availability, as delivery times lengthened to the least marked extent for a year,” she said.
Patel said firms’ purchasing activity also rose at the sharpest rate for over three years while boosting pre and post-production inventories.
“There were, however, areas of concern surrounding prices and employment. Inflationary pressures were historically elevated which forced firms to push through hikes in selling charges. At the same time, voluntary resignations continued, which has been seen since the pandemic hit the Philippines’ economy two years ago,” she added.
In Asean, the Philippines had the third-highest manufacturing score for February, only behind Singapore at 58.3 and Vietnam at 54.3.
Meanwhile, the outlook of the sector remains positive amid the upcoming elections wherein greater demand is expected.
Source: Philippines News Agency
