PH manufacturing output contracts in November due to typhoons

Philippine manufacturing output contracted by 4.2% in November 2024, reversing the slight growth seen in October.

This downturn was attributed by the Philippine Statistics Authority (PSA) to consecutive typhoons affecting the sector.

Key industries contributing to the decline include the manufacture of food products, transport equipment, and computer, electronic, and optical products.

Production of food products saw a 0.8% annual drop, a shift from a 5.3% increase in October.

The transport equipment sector contracted by 0.4% annually, a significant change from a 9.6% increase in the prior month.

The manufacturing sector's Volume of Production Index (VoPI) fell 1.9% month-on-month, deepening the drop seen in October.

For the first 11 months of the year, manufacturing output growth averaged 1.1%, a decrease from 5.1% in the previous year.

However, forward-looking indicators suggest a potential recovery, with the Philippine manufacturing purchasing managers' index (PMI) rising to 53.8 in November, its strongest reading since May 2022.