Inquirer
Manufacturing growth hits 13-month high in February
The Philippine manufacturing sector's Purchasing Managers' Index (PMI) reached a 13-month high of 52.3 in February, an increase from January's 52.1, indicating sustained growth.
This expansion was fueled by a rapid increase in new orders and export orders, which saw their quickest growth rates in several months.
The Philippines' PMI reading was the highest among its ASEAN neighbors surveyed by IHS Markit, surpassing Indonesia and Vietnam.
Conversely, Thailand and Malaysia experienced declines in their factory output during the same period.
Economist Joe Hayes of IHS Markit noted that the primary risk to the local manufacturing sector from the coronavirus disease 2019 (COVID-19) outbreak is on the supply side, specifically disruptions to deliveries from mainland China.
However, Hayes mentioned that firms have been building up inventories, which may provide a buffer against these supply chain issues, although sustained disruptions could eventually impact production volumes.
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The country's factory output experienced a decline in January, with the Volume of Production Index and Value of Production Index dropping by 1.6 percent and 6.3 percent, respectively, although both showed improvement from the previous month.
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The Philippines is projected to lose $300 million in export revenues due to the slowdown in China's exports of intermediate inputs caused by Covid-19.
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Trade Secretary Ramon Lopez remains optimistic that the Philippines' export sector will still achieve positive growth despite potential slowdowns caused by the coronavirus outbreak.
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