Despite the strong performance of manufacturing firms in January 2023, Standard & Poors (S&P) Global Market Intelligence noted that hiring activities of Philippine factories “remained weak.”
DESPITE the strong performance of manufacturing firms in January 2023, Standard & Poors Global Market Intelligence noted that hiring activities of Philippine factories “remained weak.”
However, close to two-thirds of the panelists in the survey anticipated higher output in the coming 12 months compared to just 1 percent that were downbeat. “Overall, strong domestic demand fed into higher optimism for the year ahead. Moreover, the lack of Covid restrictions, greater investment in new products and undertaking new projects aided hopes of a prosperous year for the Filipino manufacturing sector,” S&P Global Market Intelligence economist Maryam Baluch said.
“Additionally, supply chain pressures also eased further, with panelists citing that improved infrastructure, more vendors and lifting of port restrictions helped with delivery times,” Baluch said.Meanwhile, Rizal Commercial Banking Corp. Chief Economist Michael Ricafort said the country’s manufacturing performance could still improve in the coming months due to the easing of restrictions nationwide.
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