The S&P Global Philippines Manufacturing PMI fell slightly to 50.9 in March 2024 from 51 in February, marking the 7th straight monthly improvement in operating conditions across the manufacturing sector, but one that was modest overall.
Though the pace of expansion was largely sustained from the previous survey period, growth in new orders remained historically subdued.
Furthermore, production lapsed back into contraction for the first time since July 2022 amid material shortages.
Companies raised their employment and buying activity at stronger rates and renewed their efforts to replenish inventories.
In terms of prices, though firms cited that prices for raw materials continued to rise as a result of El Nino and material shortages, some noted that suppliers had moderated hikes in their charges in a bid to drive sales.
That said, the degree of confidence in the outlook for output over the coming year dropped to a near four-year low.
