November 2023 saw the fastest pace of improvement in the Philippine manufacturing sector in nine months, thanks to improving demand conditions that sped up the growth of new orders and output.
The Purchasing Managers’ Index (PMI) for S&P Global Philippines increased from 52.4 in October to 52.7 in November. This performance is the best since February 2023.
The top two PMI components, new orders, and output, both saw growth rates at eight- and 10-month highs, respectively, and were the main drivers of this increase.
Businesses ascribed this expansion to robust demand conditions in both home and international markets, the acquisition of new clients, and an increase in contract work, all of which improved overall production and sales.
However, figures from November showed that, for the first time in fifteen months, purchasing activity had decreased. Some enterprises refrained from purchasing inputs due to concerns about overstocking and rising raw material prices. Nonetheless, a few companies kept buying inputs, which helped to counteract the general decline.
Even though the number of purchases increased for the second straight month, the pace of growth was slow. Manufacturing companies hoarded inputs to increase efficiency.
The manufacturing employment figures for November also showed a slight decline, which was a new contraction after two months of sluggish expansion. Some companies reduced staffing due to spare capacity and decreasing backlogs, while others increased recruiting as a result of a steady increase in new business.
In the meantime, vendor performance declined in November, undoing gains made in the previous two months. Overall, lead times increased at a moderate rate, with businesses attributing the delay to material shortages and port congestion. This resulted in some claims of increased supplier and material costs, which were primarily attributed to the most recent increase in cost burdens.
The input price inflation rate, however, was the lowest in more than three years due to other price pressures staying mild, which led to a similarly slight increase in manufacturers’ selling prices.
Despite difficulties, Filipino manufacturers remained upbeat, with 46% of respondents projecting a rise in output over the following 12 months. Even if it was better than in October, confidence levels were still historically low.
Manhattan, New York City serves as the corporate headquarters of S&P Global Inc., an American publicly traded company. Analytics and financial data are its main business sectors. In addition to being the primary owner of the S&P Dow Jones Indices joint venture, it is the parent firm of S&P Global Ratings, S&P Global Engineering Solutions, S&P Global Market Intelligence, S&P Global Sustainable, S&P Global Mobility, and S&P Global Commodity Insights. “Standard and Poor’s” is shortened to “S&P”.
The American Journal of Railway Appliances was bought by James H. McGraw in 1888, which is when the ancestors of S&P Global began. He persisted in releasing more books, and in 1899 he finally founded The McGraw Publishing Company. Along with producing many trade and technical journals, John A. Hill established The Hill Publishing Company in 1902.
Knowing one other’s interests, the two men formed an agreement in 1909 and consolidated the book divisions of their publishing enterprises to become The McGraw-Hill Book Company. James McGraw was the vice president and John Hill was the president. The remaining portions of each company were combined to become The McGraw-Hill Publishing Company in 1917.
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