Cagayan De Oro ‘Traslacion’ Draws 13K

Sa taunang “Traslacion,” higit sa 13,000 deboto ang nagpakita ng kanilang debosyon kay Jesus Nazareno.

Siargao’s Sugba Lagoon To Close For A Month

Isasara ang makikita sa Sugba Lagoon simula Enero 10, 2025 para sa environmental recovery. Maging responsable tayo sa ating kalikasan.

Surigao City Becomes Hub For World Cruisers

Ipinakilala ang Surigao City bilang sentro ng clearance para sa mga internasyonal na cruiser sa mga yate.

Antique Town’s New PHP5 Million Greenhouse Will Secure High-Value Crop Supply

PHP5 milyong proyekto sa Libertad para sa mas mataas na produksyon ng pananim. Isang hakbang patungo sa mas masaganang kinabukasan.

PH Records Best Manufacturing Condition In ASEAN In November 2023

The Philippine manufacturing sector outperforms ASEAN neighbors with strong growth in November, signaling a positive outlook for the industry.


By PAGEONE Business Today

PH Records Best Manufacturing Condition In ASEAN In November 2023

9
9

How do you feel about this story?

Like
Love
Haha
Wow
Sad
Angry

The Philippine manufacturing sector’s performance in November was better than its ASEAN neighbors, the S&P Global Manufacturing Purchasing Managers’ Index (PMI) reported Friday.

The Philippines’ manufacturing PMI in November 2023 stood at 52.7, higher than the 52.4 index in October 2023.

The domestic manufacturing’s health in the previous month was also the strongest since February this year.

The country’s manufacturing PMI in November was higher than the ASEAN average of 50, indicating a neutral score.

“The latest PMI data from S&P Global signalled a further strengthening of the Filipino manufacturing sector in November. Strong demand conditions supported quicker expansions of both new business and output. Moreover, confidence levels strengthened for the first time in three months, amid hopes of a continued improvement in underlying demand trends in the months ahead,” S&P Global Market Intelligence economist Maryam Baluch said.

Compared to other Southeast Asian nations, the Philippines’ manufacturing performance last month was higher than Singapore’s PMI of 51.7, which also showed improvement.

ASEAN countries which signalled deterioration of manufacturing performance in November, or those who recorded a score below 50, are Myanmar, with PMI of 48.1; Malaysia; 47.9; Thailand, 47.6; and Vietnam, 47.3.

The Philippines’ manufacturing PMI was even better than China, where the general manufacturing score stood at 50.7 last month.

S&P Global also observed that input price inflation in Philippine manufacturing in November was the softest in over three years.

There were also fresh drops in employment and purchasing activity in the local sector last month.

“While these fresh contractions were a slight cause for concern, the downturns were shallow overall and may be reversed if growth momentum is sustained, although global headwinds and sluggish demand from overseas markets could act as downside risks in the coming 12 months,” Baluch added.

On the other hand, business outlook of manufacturers for the next 12 months remained subdued, with only 46 percent of surveyed producers expecting expansion. (PNA)