Philippines' Manufacturing Activity Drops in November, S&P Global Survey Shows

MT Newswires Live12-01

The Philippines' manufacturing sector contracted in October as output and new orders shrank, according to the latest S&P Global Purchasing Managers' Index report released on Monday.

The index edged down to 47.4 in November from 50.1 in October, dropping below the 50 threshold that separates contraction from expansion.

During November, Output and new orders fell at their steepest rates since August 2021, accompanied by drops in exports, employment, purchasing activity and inventory levels.

On the pricing side, inflationary pressures stayed relatively subdued in November due to softer demand for raw materials. Output prices, however, rose after declining in October.

Employment during the month also declined, S&P said.

Looking ahead, manufacturers were cautiously optimistic about output for the next year.

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