Articles worth reading

Fitch rating outlook vote of confidence in PH

account_balanceMetro Manila access_time4 days ago

House Speaker Martin Romualdez on Tuesday said the decision of Fitch Ratings to revise the country’s credit outlook from negative to stable is “an unequivocal vote of confidence” to the Marcos administration’s socioeconomic ag...

World Bank chief visits PH

account_balanceMetro Manila access_time4 days ago

The World Bank remains committed to supporting the Philippines' development priorities, World Bank managing director for operations Anna Bjerde said during her two-day visit to the country, according to a report by Philippine News Agency. In a s...

Makati supports PH-Malaysia tourism tieup

account_balanceMakati access_time4 days ago

Makati City Mayor Abby Binay expressed her full support for the tourism partnership between the Philippines and Malaysia during a significant event held at Dusit Thani. The initiative aims to strengthen the economies of both countries and facilitate ...

Metro News

Manufacturing index improves in June

account_balanceMetro News account_circleMylene Santos chat_bubble_outline0 Comments

The Philippines’ Manufacturing Purchasing Managers Index (PMI) in July 2022 registered a slight improvement, S&P Global said in a report by Philippine News Agency.

The country’s manufacturing performance last month was pegged at 50.8, lower than the 53.8 index in June this year.

PMI above 50 indicates improvement of the sector while index below the neutral score shows deterioration of the industry.

Advertisement

“Data from the latest PMI survey indicated a loss in growth momentum at goods producers in the Philippines. Renewed contractions in output and new orders, albeit only mild, were recorded in July. The headline figure slipped to 50.8 in July to signal the slowest expansion since January,” S&P Global Market Intelligence economist Maryam Baluch said.

The report said Philippine manufacturers slowed down in July as output and new orders dropped last month.

The ongoing coronavirus disease 2019 (Covid-19) pandemic and uncertainties in the global market continue to weigh on export demand, S&P Global added.

Manufacturers were also “unenthusiastic to make purchases” in July as inflationary pressures mount further.

“Overall, muted growth across the Filipino manufacturing sector adds caution to the air as inflationary pressures continue to heat up,” Baluch said.

On the other hand, companies increased their headcount in the previous month, which addressed backlogs of work.

Hiring activities of local manufacturers increased for three straight months.

Philippine-based manufacturers expressed optimism for the next 12 months despite challenges in the global and local market, such as demand, inflation, and logistics challenges.

“Despite the downside risks to growth arising from greater inflationary pressure, the outlook for the coming 12 months strengthened in July, with firms upbeat and remaining hopeful of a better global economic climate,” Baluch said.


date_rangeDate Published
9 months ago
shareShare article
folder_openArticle tags
content_copyCategorized under

Share your thoughts with us

Related Articles

Photo Courtesy of Makati City

Makati conducts sidewalk clearing operation 

account_balanceMakati chrome_reader_mode4 days ago

In response to the concerns raised by #ProudMakatizens regarding blocked pathways, employees from the Department of Environmental Services and the Makati Action Center carried out a large-scale sidewalk clearing operation in Barangay Comembo, Guadalu...

Power of code unlocks the future of 21st-Century learners 

account_balanceMetro Manila chrome_reader_mode3 days ago

Quipper, one of the leading edtech and LMS platforms in the Philippines, recently helped enable learners all over the country to know the basics of coding by conducting the second Student BootQamp called “QodeFest.” As part of its recurr...

Motorcycle sales in PH rise 16.7% in Q1

account_balanceMetro Manila chrome_reader_mode3 days ago

As motorcycles continue to deliver one of the most convenient modes of transportation, the Motorcycle Development Program Participants Association, Inc. (MDPPA) recorded a 16.7 percent increase in the country’s motorcycle sales this Q1 of 2023 ...

Senior Citizen Wellness Center opens in San Juan

account_balanceSan Juan chrome_reader_mode4 days ago

Barangay St. Joseph in San Juan City celebrated a significant milestone as it inaugurated its new Senior Citizen Wellness Center on May 16, 2023. The event was attended by esteemed guests, including Councilor Kit Peralta, Chief James Ochoa of the Off...

×
Click on the article to continue reading
Quezon City adopts no contact apprehension system Red Cross pushes saliva test Vaccines from COVAX to arrive in Q1 Makati Shangri-La to close doors on Feb. 1 Cities in NCR to start vaccination simultaneously Mother, girlfriend of Filipino infected with UK variant also test positive Send Press Release MNC Facebook Page MNC Twitter Page MNC Instagram Page LGU Spotlight Barangay Front Business Sports Entertainment Metro Gen Metro Feature