PH manufacturing starts 2023 upbeat

Philippine factories started the year on a high note, recording one of the strongest manufacturing performances in Southeast Asia in January.

S&P Global reported Wednesday that Philippine manufacturing purchasing managers’ index (PMI) last month was at 53.5, higher than the 53.1 score in December 2022.

S&P Global said the country’s PMI increased for three consecutive months, with score in January being the highest in seven months.

“Operating conditions across the Filipino manufacturing sector improved solidly during January, according to the PMI data. Sharp upturns were noted in both output and new orders, as panelists cited increased demand for Filipino manufactured goods,” S&P Global economist Maryam Baluch said.

S&P Global also showed that the country’s manufacturing score last month is the second strongest in surveyed nations in Association of Southeast Asian Nations (ASEAN), only behind Thailand with a factory index of 54.5.

The report said that after the 11-month slump in exports, strong demand

FPH, P8