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In February, the PH manufacturing score reached a three-year high.

MANILA, Philippines β€” The country’s manufacturing score climbed to 52.8 in February, the best since December 2018, according to the IHS Markit Manufacturing Purchasing Managers’ Index (PMI).

The manufacturing PMI for last month was also higher than the 50 indexes recorded in January.

Shreeya Patel, an economist at IHS Markit, said there were solid increases in output and new orders, which helped the local manufacturing sector thrive.

“While the removal of constraints was undoubtedly the most recent driver of growth,” she noted, “there were also promising signs of improvements in material availability, as delivery times lengthened to the least marked level in a year.”

Firms’ purchasing activity increased at the fastest rate in over three years, according to Patel, expanding pre-and post-production stocks.

“However, there were certain areas of worry, such as costs and employment. Inflationary pressures were historically high, forcing companies to push through increases in selling fees. Simultaneously, voluntary resignations persisted, as they have done since the epidemic struck the Philippines’ economy two years ago,” she noted.

The Philippines received the third-highest manufacturing score in Asean in February, after only Singapore (58.3) and Vietnam (54.3).

Meanwhile, the sector’s prognosis is upbeat ahead of the forthcoming elections, which are expected to see increased demand.

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