NextGen Day

According to London-based information and analytics business IHS Markit, the performance of the local manufacturing industry has stopped at the start of the year due to the Omicron variant rise after the holidays and the impact of Typhoon Odette.

The Philippines Manufacturing Purchasing Managers’ Index (PMI) for January 2022 was 50, indicating that the sector’s performance has remained unchanged.

The PMI for January 2022 dropped from 51.8 in December of last year.

“With the spike in case numbers and Typhoon Odette striking vast sections of the country, the latest PMI data highlighted an unpleasant start to the year for the Philippines manufacturing sector,” IHS Markit economist Shreeya Patel said.

Last month, both local and international demand, as well as manufacturers’ ability to make goods, declined, according to Patel.

“Material shortages and delivery delays were also prevalent, putting further strain on vendor performance,” she added.

Despite the high number of Covid-19 cases this month, the IHS Markit poll found that job losses dropped to one of the lowest levels in the pandemic’s history.

From January 3 to 31, Metro Manila and neighboring nearby provinces were restored to Alert Level 3; nonetheless, most sectors remained open, albeit with reduced operating capacity.

Manufacturers’ price pressures began to relax last month, according to Patel, but they were considering raising selling prices at a faster rate to secure profits.

“While the full impact of the typhoon and the Omicron variation is unknown, it is evident that production will be disrupted in the following months as businesses adjust.” “Firms will aim for a speedy turnaround and plan ahead with advance ordering techniques,” Patel said.

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