Philippines’ PMI July 2024

According to the latest data by S&P Global Market Intelligence, Philippines’ Purchasing Manager’s Index (PMI) reached 51.2 in July, above the 50-point threshold that separates growth from contraction.

The overall growth in manufacturing was driven by advancements in various areas, including new export orders, output, and new contract, but the growth rates for finished goods inventories and employment have decelerated.

In its latest outlook, the International Monetary Fund estimated Philippines GDP growth rate to be 6 per cent in 2024 and 6.2 per cent in 2025.

The Association of Southeast Asian Nations (ASEAN) is a political and economic union of ten members, has 667 million people and a territory of 4.5 million Km2; is currently the third largest economy in Asia-Pacific and the fifth largest in the World. The ASEAN Economic Community (AEC) has a combined GDP of USD 4.2 trillion, according to estimates for 2024.