In October, the PH manufacturing score reached a seven-month high.
According to IHS Markit’s manufacturing purchasing managers’ index, the country’s manufacturing industry continued to improve in October 2021. (PMI).
The Philippine manufacturing PMI rose to 51 from 50.9 in September 2021, according to IHS Markit, a London-based information and analytics business.
Scores above 50 suggest that the sector is improving, while scores below 50 indicate that manufacturing performance is deteriorating.
“The manufacturing sector in the Philippines had a small increase in growth in October, according to PMI statistics. Some limitations were eased, and the demand climate showed modest signs of revival, with new orders stabilizing following a six-month decrease, according to Shreeya Patel, an analyst at IHS Markit.
Manufacturing growth, on the other hand, is challenged by raw material shortages, increased costs, and delivery delays, according to Patel.
“Such pressures are likely to persist in the coming months,” she noted, “but a fundamental issue is that enterprises will only be able to pass on higher prices in part due to the relatively weak demand situation.”
According to the survey, producers increased input purchases for the first time since July this year to secure raw materials as they anticipate supply chain disruptions.
Manufacturing companies have been laying off workers over the past 20 months, but the trend slowed in October.
Last month, both input and output prices rose, owing to material shortages, particularly in metals, packaging materials, and oil.
Meanwhile, manufacturers’ business optimism reached a three-month high in the previous month, as they anticipate stronger foreign and domestic demand in the next year.
“However, following a steep contraction in 2020, the manufacturing sector is predicted to grow by 19.1% in 2021,” Patel said.
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