Filipinas PMI Industrial

The S&P Global Philippines Manufacturing PMI declined to 52.9 in October 2024 from September's 27-month high of 53.7. However, it marked the 14th consecutive improvement in factory activity and the 2nd-highest reading since January 2023. Output and new orders grew for the 14th and 7th consecutive months, respectively, although easing from the previous month. This growth was supported by a rising customer base that strengthened underlying demand trends. Purchasing activity increased but at a notably weaker rate than in September, while vendor performance worsened to the second-greatest degree since December 2022, due to material shortages and port congestion. Employment increased the most in over seven years, while backlogs of work rose slightly. On prices, input cost inflation accelerated to an eight-month high due to material shortages and a weakening exchange rate, while output cost inflation climbed to its highest since May. Finally, business sentiment improved to a five-month high.