Philippines’ PMI October 2024

According to the latest data by S&P Global Market Intelligence, Philippines’ Purchasing Manager’s Index (PMI) reached 52.9 in October, above the 50-point threshold that separates growth from contraction.

The Philippines' manufacturing sector recorded its 14th straight month of improving factory activity, posting the second-highest reading since January 2023. Output and new orders continued to expand for the 14th and 7th consecutive months, respectively, driven by a growing customer base that boosted demand. This positive trend was also evident in the rise in purchasing activity, highlighting a favorable shift in the sector’s dynamics.

Employment experienced its strongest increase in more than seven years, indicating an expanding workforce to support rising production demands. Business sentiment also improved, reaching a five-month high and reflecting greater confidence among manufacturers in the current economic climate.

In its latest outlook, the International Monetary Fund estimated Philippines GDP growth rate to be 5.8 per cent in 2024 and 6.1 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.