Oliver 13 0 0 3 min to read

In October, PH factories keep improving.

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According to the S&P Global Philippines Manufacturing Purchasing Managers’ Index (PMI) data released on Wednesday, the state of the domestic manufacturing sector improved in October 2022.

S&P Global noted a slower growth rate for factories in the Philippines last month, down from 52.9 in September to 52.6.

According to economist Maryam Baluch of S&P Global Market Intelligence, the manufacturing score’s steady improvement in October indicated an increase in consumer spending and employment among regional firms.

“The most recent PMI data showed that the manufacturing sector in the Philippines is expanding once again. A further increase in output and new business being given to good manufacturers came about as demand circumstances continued to improve, according to Baluch.

Last month, demand from abroad impeded manufacturing activity as overseas orders experienced their biggest decrease since the decline started in March of this year.

S&P Global reported that price pressures continued to impact manufacturers in the Philippines as inflation accelerated in October.

“Even though input costs rose more quickly, businesses increased their prices at a little slower rate. The seasonally adjusted index dropped for the second consecutive month, marking the smallest increase in output charges since February, according to the study.

While the manufacturing sector is expected to improve over the next year, according to Baluch, supply-side limitations and rising global prices will continue to be a burden on the domestic manufacturing business.

“Anecdotal evidence indicated that output was still being hampered by shipping delays, bad weather, and congestion. Additionally, the rate of input price inflation picked up steam as a result of currency weakness and global increases in the cost of energy and materials,” she continued.

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