NextGen Day

The manufacturing sector of the Philippines continued to strengthen in March, according to the S&P Global Philippines Manufacturing Purchasing Managers’ Index (PMI), which placed the nation third among ASEAN countries with a score of 52.5.

The nation’s manufacturing PMI for the most recent month was marginally lower than the 52.7 index for February of this year, according to the report released on Monday.

Despite the manufacturing score slowing down, S&P Global stated the domestic sector nevertheless showed a historically significant improvement in operating conditions.

According to the most recent PMI statistics, “the first quarter of 2023 ended on a strong note, with a further expansion reported across the Filipino manufacturing sector. According to Maryam Baluch, an economist at S&P Global Market Intelligence, both output and new orders increased at historically high rates.

According to Baluch, businesses increased their buying activities to keep up with the rising sales.

But, she continued, “operating conditions improved at the weakest rate in seven months, in part because of the slower rise in production and stocks of purchases, as well as the fact that the headline index was weighed down by a second month of job losses.”

The PMI report also observed that although the pressure on factory inflation eased in March due to a lack of raw materials, rising energy costs, and delivery delays, operational costs have remained high.

“Despite a small downturn, March’s figures showed diminishing inflation pressures and supply chain constraints. While the rate of delays was among the lowest since the current series of deteriorating vendor performance started in August 2019, operating expenses increased at their slowest rate in 27 months, according to Baluch.

According to the research, manufacturing firms with operations in the Philippines were upbeat about the rise of their output over the following 12 months.

According to Baluch, “business morale across the industry remained positive, as solid demand conditions bolstered optimism in the forecast for future output.”

A number above 50 indicates increasing manufacturing conditions, whereas a score below 50 indicates deteriorating manufacturing conditions, according to the manufacturing PMI, which gauges the sector’s health.

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