Philippine manufacturing ends 2024 with strongest growth in 7 years

Philippine manufacturing sector concluded 2024 with its strongest growth in over seven years, reaching a PMI of 54.3 in December.

This expansion, the 16th consecutive month of growth, was driven by robust holiday demand and a significant increase in new orders.

Output and new orders saw their strongest growth in 32 months, reflecting improved demand trends and new client acquisitions.

There was a renewed increase in demand from international markets as new export orders increased for the first time in five months.

Inflationary pressures moderated in December, with cost burdens and output charges rising at historically muted rates.

The Philippines' PMI reading remained the fastest among six Association of Southeast Asian Nations (ASEAN) member countries in December.

Despite the growth in manufacturing activity, job cuts were reported, indicating that expansion did not translate to increased employment.