NextGen Day

In May, the country’s manufacturing sector improved for the fourth month in a row, marking the fourth consecutive month of development.

The domestic sector scored 54.1 in the S&P Global Philippines Manufacturing Purchasing Managers’ Index (PMI) last month, according to the S&P Global Philippines Manufacturing Purchasing Managers’ Index (PMI).

However, the manufacturing PMI fell from 54.3 in April to 54.2 in May.

Scores above 50 indicate that the sector is improving, while scores below 50 indicate deterioration.

“According to the most recent survey data, the manufacturing sector in the Philippines is expanding even more. Despite output and new orders increasing at slightly slower rates, growth remained healthy, according to S&P Global Market Intelligence economist Maryam Baluch.

According to the report, output volume and new order intake increased at a steady rate, but development was restrained by a drop in overseas demand, primarily owing to Chinese lockdowns brought on by the coronavirus sickness in 2019. (Covid-19).

On the other hand, factories increased their personnel for the first time since February 2020.

“At the same time, while inflation rates dropped in May, both average cost burdens and production charges increased significantly. Exacerbating the rise in costs, May data also revealed a worsening in vendor performance, with lead times lengthening even more than in April “According to the research,

Firms remain optimistic for the next 12 months, according to Baluch, but remain cautious due to global geopolitical tensions hurting worldwide supply and demand for commodities.

“The sector’s negative risks are continuous inflationary pressures and supply chain disruptions, which have been worsened by the crisis in Ukraine and China’s zero-Covid policy,” she continued.

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