Philippines Manufacturing PMI2016-2020 Data | 2021-2022 Forecast | Calendar

The IHS Markit Philippines Manufacturing tumbled to the lowest on record of 31.6 in April 2020 from 39.7 in a month earlier, as the extended lockdown of Luzon island to prevent the spread of COVID-19 had a strong impact on the sector. Output, new orders and export sales declined at record paces. At the same time, job shedding continued but at a softer pace, while firms reduced input purchases at the quickest rate in the series history. Meantime, suppliers meanwhile struggled to complete deliveries, leading to a marked increase in lead times overall. Prices data showed input costs dropped for the second consecutive month, amid a sharp drop in oil prices. Meanwhile, output charges declined for the second month in a row, albeit with the rate of decrease softer than in March. Finally, sentiment remained weaker than the series trend but firms were more upbeat of a lifting of lockdown measures in the near term.

The IHS Markit Philippines Manufacturing tumbled to the lowest on record of 39.7 in March 2020 from 52.3 in a month earlier, as the lockdown of Luzon island to prevent the spread of COVID-19 had a strong impact on the sector. Factory shutdowns led to a sharp drop in production and new orders, with employment also declining at the quickest pace in the series history. Also, firms registered large cuts to both purchases and inventories. Supplier delivery times increased for the eighth successive month and at a record pace, amid border controls and local travel restrictions. On the price front, input cost dropped notably, with a slump in oil prices mentioning as a contributing factor. As a result, businesses lowered selling prices steeply amid efforts to restore sales. Lastly, confidence weakened, with the outlook falling to its least optimistic in the series history.

The IHS Markit Philippines Manufacturing edged up to 52.3 in February 2020, the highest since January 2019, from 52.1 in a month earlier. Output growth sustained, with the rate of expansion being little-changed from January's three month-high. Also, new orders expanded the most since last October, export sales picked up and was the strongest since July 2018, and employment rebounded and was above the long-run average. Meantime, shipment delays from China due to the COVID-19 outbreak hindered stockpiling of finished goods and inputs, and also led to a slower decline in outstanding work. Meantime, purchasing activity and input stocks both increased at slower rates, while input delivery times lengthened to the greatest extent since December 2017. Prices data showed that input cost inflation accelerated, in contrast with h a slower rise in selling charges.

The IHS Markit Philippines Manufacturing went up to 52.1 in January 2020 from 51.7 in the previous month. The reading pointed to the strongest expansion since October, as output grew at a faster pace, supported by a quicker rise in new orders amid stronger demand from both domestic and foreign customers and the beginning of new contracts. Also, export sales increased for the third time in four months, suggesting an improvement in the trade climate, while buying levels grew the most since last August. Meantime, employment remained subdued, as the job numbers fell for the first time in seven month. On the price front, input costs rose faster, and output price inflation went up to a seven-month high. Finally, sentiment improved, with the degree of optimism reaching its second-strongest in eight months boosted by new projects and a government's project that is expected to reduce traffic issues and improve supply chains.