The manufacturing sector in the Philippines had a purchasing Purchasing Managers’'s Index (PMI) of 51.5 in December 2023, reflecting a slower expansion than the previous month. The country’s manufacturing sector recorded the highest growth in April and May 2022.
Manufacturing landscape in the Philippines
The Philippine manufacturing sector contributed the highest share of the country’s gross domestic product in 2022, followed closely by the wholesale and retail trade and repair of motor vehicles and motorcycles. Food manufacturing was the most profitable within the industry and accounted for the highest share of establishments. However, in terms of trade, electronic products were the leading export goods from the Philippines, which accounted for about 58 percent of the total exports from the country in 2022.
PMI – more information
The Purchasing Managers’ Index, or PMI, is an economic indicator in the manufacturing sector published by S&P Global. It measures the change in economic activity within the industry each month using a survey of supply chain managers. It considers new orders, employment output, and supplier delivery time. A score above 50 signals growth or expansion compared to the previous month. Meanwhile, a score of below 50 represents a contraction, and a reading of 50 represents an equal balance. As of February 2022, India had the highest PMI among developing Asian countries, followed by Vietnam and Taiwan.
Purchasing managers' index of the manufacturing sector in the Philippines from January 2021 to December 2023
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FX Empire. (December 31, 2023). Purchasing managers' index of the manufacturing sector in the Philippines from January 2021 to December 2023 [Graph]. In Statista. Retrieved June 18, 2024, from https://www.statista.com/statistics/1250980/philippines-pmi-of-manufacturing-sector/
FX Empire. "Purchasing managers' index of the manufacturing sector in the Philippines from January 2021 to December 2023." Chart. December 31, 2023. Statista. Accessed June 18, 2024. https://www.statista.com/statistics/1250980/philippines-pmi-of-manufacturing-sector/
FX Empire. (2023). Purchasing managers' index of the manufacturing sector in the Philippines from January 2021 to December 2023. Statista. Statista Inc.. Accessed: June 18, 2024. https://www.statista.com/statistics/1250980/philippines-pmi-of-manufacturing-sector/
FX Empire. "Purchasing Managers' Index of The Manufacturing Sector in The Philippines from January 2021 to December 2023." Statista, Statista Inc., 31 Dec 2023, https://www.statista.com/statistics/1250980/philippines-pmi-of-manufacturing-sector/
FX Empire, Purchasing managers' index of the manufacturing sector in the Philippines from January 2021 to December 2023 Statista, https://www.statista.com/statistics/1250980/philippines-pmi-of-manufacturing-sector/ (last visited June 18, 2024)
Purchasing managers' index of the manufacturing sector in the Philippines from January 2021 to December 2023 [Graph], FX Empire, December 31, 2023. [Online]. Available: https://www.statista.com/statistics/1250980/philippines-pmi-of-manufacturing-sector/