NextGen Day

MANILA, Philippines — The country’s manufacturing score remained solid in March, with the purchasing managers’ index (PMI) reaching 53.2, up from 52.8 in February.

The S&P Global Manufacturing PMI, formerly known as IHS Markit, reported that Friday’s manufacturing score was the highest since December 2018, indicating that the local manufacturing sector is doing well.

It attributed last month’s good industrial performance to the lifting of limitations imposed after Metro Manila and other important areas of the country were placed on Alert Level 1.

In the preceding month, it received new orders and increased output, with demand for Philippine-made goods reaching its highest level since July 2019.

“International worries and supply-side performance restricted momentum growth while the country recovers from the pandemic, with alert levels downgraded and limitations removed,” S&P Global economist Maryam Baluch said.

The conflict between Ukraine and Russia, as well as an increase in coronavirus disease 2019 (Covid-19) cases in China, produced supply bottlenecks, according to Baluch, causing input delivery times to worsen even more.

“(I)nflationary pressures hit new highs as cost burdens and selling prices climbed at quicker rates,” she continued.

Last month, factory headcounts decreased as a result of resignations and cost-cutting initiatives.

Meanwhile, thanks to the loosening of limitations, increased demand, and a favourable election outcome, the outlook for Philippine-based manufacturers for the next 12 months remains positive.

“However, thanks to a substantial uptick in demand and output, manufacturing prospects remain hopeful.” “Firms have maintained their optimism that Covid-19 will pose less of a danger to the economy, and demand will continue to rise,” Baluch added.

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