The S&P Global Philippines Manufacturing PMI fell to 51.3 in June 2024 from 51.9 in May, easing for the second consecutive month to the lowest since March.

Still, the latest reading marked the tenth straight monthly improvement in the health of the Filipino manufacturing sector.

Output and purchasing activity rose at accelerated rates.

However, June marked a notable slowdown in new orders growth.

Moreover, manufacturing companies in the Philippines continued to reduce their backlogs, and further trimmed back their staffing levels.

Turning to prices, despite a fresh rise in cost burdens, the rate of input price inflation remained weaker than that seen historically.

Meanwhile, charges were raised at a softer pace in June.

Looking ahead, manufacturers maintained a positive outlook for production over the coming year, with hopes that improved demand conditions would support further output expansions.

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