NextGen Day

According to a report released on Monday by S&P Global, the Manufacturing Purchasing Managers Index (PMI) for the Philippines showed a small improvement in July 2022.

The nation’s manufacturing output was rated at 50.8 last month, which was lower than the 53.8 indexes recorded in June of this year.

A PMI number above 50 implies sector improvement, whereas one below a neutral level suggests sector decline.

Data from the most recent PMI survey showed that the Philippines’ goods producers had lost impetus for expansion. In July, there were slight but persistent new orders and output contractions. The headline figure dropped to 50.8 in July, marking the slowest expansion since January, according to Maryam Baluch, an analyst at S&P Global Market Intelligence.

According to the report, manufacturing in the Philippines slowed down in July after output and new orders declined in June.

The ongoing coronavirus disease 2019 (Covid-19) pandemic and market ambiguities are continuing to have an impact on export demand, according to S&P Global.

As inflationary pressures intensified, manufacturers were likewise “unenthusiastic to make purchases” in July.

As inflationary pressures continue to rise, “overall modest growth across the Filipino manufacturing sector adds caution to the air,” Baluch said.

On the other hand, businesses expanded headcount over the previous month, clearing up work backlogs.

For three months in a row, local manufacturers hired more people.

Despite difficulties in the global and local markets, such as low demand, inflation, and logistical issues, manufacturers in the Philippines voiced optimism for the upcoming 12 months.

The outlook for the next 12 months improved in July, with businesses optimistic and holding out hope for a better global economic climate, according to Baluch. This is true despite the adverse risks to growth posed by increased inflationary pressure.

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