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.
Manufacturing Pmi in Philippines averaged 52.51 points from 2016 until 2020, reaching an all time high of 57.50 points in September of 2016 and a record low of 31.60 points in April of 2020. This page provides - Philippines Manufacturing Pmi- actual values, historical data, forecast, chart, statistics, economic calendar and news. Philippines Manufacturing PMI - data, historical chart, forecasts and calendar of releases - was last updated on May of 2020. source: Markit Economics
Manufacturing Pmi in Philippines is expected to be 48.50 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Manufacturing Pmi in Philippines to stand at 52.00 in 12 months time. In the long-term, the Philippines Manufacturing PMI is projected to trend around 53.40 points in 2021 and 53.00 points in 2022, according to our econometric models.