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Investing.com -- The S&P Global Philippines Manufacturing PMI registered 50.1 in October, slightly above the neutral 50.0 mark, indicating broadly stable operating conditions after a slight deterioration in the previous month.
The headline figure masked underlying weaknesses in key areas. New orders fell for a second consecutive month, with the rate of decline accelerating in October. Manufacturers attributed this to sluggish demand and clients putting orders on hold.
New export orders also contracted for the first time since May, declining at the strongest pace in a year due to weaker international demand.
Production remained in contraction territory, though the rate of decline slowed to marginal levels. Manufacturers linked output reductions to falling orders, adverse weather conditions, and end-of-life status for certain products.
In response to reduced output requirements, firms cut their purchasing activity for the first time since November 2023, ending a 22-month growth streak.
Despite this reduction, both pre- and post-production inventories recorded marginal increases, with finished goods stocks expanding for the first time in three months.
On a positive note, business confidence improved, with sentiment approaching the recent high observed in August. Companies expressed optimism that production would recover with strengthening demand trends.
Employment also increased for the third consecutive month, with the pace of job creation reaching a three-month high as firms reported successful recruitment efforts.
Price pressures continued to ease, with input cost inflation reaching its weakest level in three months. This allowed manufacturers to reduce their selling prices for the first time in 19 months, marking the strongest rate of decrease since April 2020.
"The sector has now remained in sluggish territory for most of the second half of 2025 so far," said Maryam Baluch, Economist at S&P Global Market Intelligence. "Whether it can see a notable recovery in performance in the coming months will depend greatly on efforts to stimulate consumer demand."
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