The Philippine Manufacturing Purchasing Managers’ Index (PMI) slipped from January’s seven-month high of 53.5 to 52.7 in February, with port congestion, among others, weighing on vendor performance which is resulting in further deterioration. Know more:
THE Philippine Manufacturing Purchasing Managers’ Index slipped from January’s seven-month high of 53.5 to 52.7 in February, with port congestion, among others, weighing on vendor performance which is resulting in further deterioration, according to Standard & Poors Global Market Intelligence.
However, Baluch noted that ongoing supply chain concerns “continued to remain a drag on the sector,” adding that “supplier performance worsened further, and to a greater extent, as material scarcity, port congestion and difficult transportation conditions resulted in a further lengthening of average lead times.”
S&P Global said greater production requirements meant that firms also raised their purchasing activity, with input buying increasing for the sixth straight month. “The latest local manufacturing PMI gauge generally improved in recent months amid measures to further reopen the economy towards greater normalcy, such as the further improvement of local and foreign tourism in recent months [group tours from China already resumed since the latter part of January 2023] and the resumption of the nationwide face-to-face/in person schooling since August 22, 2022, the first time since the pandemic started more than two years ago, with a target of 100 percent full...
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