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Dec. 22 saw PH factories’ best result in six months.

According to the most recent S&P Global Philippines Manufacturing Purchasing Managers’ Index, the nation’s manufacturing output in December 2022 registered its best score in six months (PMI).

According to a study released by S&P Global on Tuesday, the Philippines’ PMI increased from 52.7 in November 2022 to 53.1 in December 2022.

The increase in production levels, strong domestic demand, and an increase in employment operations was cited as the causes of the improvement.

“The most recent PMI statistics indicated consistent development in the manufacturing sector in the Philippines. The industrial sector’s rebound this year was aided by the release of pent-up demand brought on by the Covid (coronavirus) epidemic, according to S&P Global analyst Maryam Baluch.

According to the report, output levels were at their greatest in June last month.

In December 2022, domestic demand helped to drive up new orders for Philippine goods despite a ten-month stretch of declining export orders.

The S&P Global report stated that “the rate of increase surged throughout the month, reflecting the fastest rise in output levels since June.”

Although “the rate of job growth was just modest overall,” the rise in headcount in the nation’s industrial sector continued in December.

The poll also revealed that last month saw a small improvement in both input purchasing and factory stocks.

According to S&P Global, pricing pressure continues to be a threat to demand, forcing firms to sell their output in December at the lowest rate since 2022 in an effort to boost sales.

In addition to inflation, supply chain restrictions are still a problem for the Philippine manufacturing industry this year, according to Baluch.

Although the Philippine central bank has made steps to reduce inflation, she noted, “global supply chain delays and material shortages remain a far more challenging issue to handle.”

According to the S&P Global poll, manufacturers continue to have a positive view for this year, supported by solid domestic demand and a stable economic climate. For this year, businesses have investment intentions as well.

Baluch continued, “Producers of goods are very optimistic for the year ahead, relying heavily on domestic demand to support growth.

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