In September, PH factories rebound
Philippine manufacturers were allowed to recover in September, according to the London-based information and analytics company IHS Markit, as the government relaxed community quarantine rules.
In September, the country’s manufacturing purchasing managers’ index (PMI) rose to 50.9, far above the neutral level of 50.
The factory activities score in September was the highest in six months, according to IHS Markit.
When Metro Manila was returned to the most severe community quarantine measure in August, while neighboring provinces were put under harsher quarantine procedures, the manufacturing index stood at 46.4.
“A number of industries and companies have reopened for business. “However, the local and foreign demand climate remained difficult,” according to Shreeya Patel, an analyst at IHS Markit.
International limitations on coronavirus disease 2019 (Covid-19), according to IHS Markit, have impacted supply chains.
There were also reports of port congestion, freight delays, and container shortages in addition to the epidemic.
“Global shortages have also put a strain on the industry, with costs rising significantly.” Unfortunately, businesses will have to put up with the inconvenience since supply constraints aren’t expected to ease anytime soon,” Patel said.
Despite improving last month, companies in the Philippines said that virus-related limitations continue to stymie output.
Last month, new orders continued to fall, albeit at a lesser rate, according to IHS Markit.
Only Singapore, Indonesia, and the Philippines saw an increase in industrial activity among the Southeast Asian nations examined.
“On a more positive note, the vaccination campaign bolstered confidence, and with the government obtaining additional doses, the Philippines seems dedicated to immunizing its citizens,” Patel added.
Vaccination initiatives maintain business optimism high for the next year.
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