NextGen Day

According to a study released on Monday by S&P Global, the nation’s manufacturing purchasing managers’ index (PMI) increased in September 2022 to 52.9, the highest level in three months.

The manufacturing sector performed better in August, scoring 51.2, than last month.

The September poll also revealed that despite decreasing demand from overseas markets for Philippine-made goods, gains in output and new orders, a reduction in pricing pressure, and manufacturers’ confidence for the coming year have all sustained the sector’s health.

According to the most recent PMI statistics, growth in the manufacturing sector of the Philippines accelerated in September. Companies said that higher client demand enabled production levels and factory orders to increase for the first time since June, according to a statement from S&P Global Market Intelligence economist Maryam Baluch.

In addition, S&P’s study observed that local demand was the main driver of manufacturing growth in September since foreign orders had declined for seven straight months.

Additionally, hiring activity in the industry has climbed for five months running.

Inflationary pressures, which had been uncomfortably strong in recent months, reduced during the most recent survey period, suggesting that inflation may have peaked, according to Baluch.

On the other hand, Baluch claimed that the fact that inflation rates were still high and that the dollar’s value was declining might still impact the demand environment by pushing prices higher.

The outlook for manufacturers based in the Philippines has remained positive for the upcoming year as business confidence reached a 49-month high in September.

According to Baluch, “overall, consistent growth across the sector has resulted in enterprises being mostly positive in regards to expansion in output in the future.”

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