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Workers arrange cans on the production line of canned sardines inside a manufacturing plant in Santo Tomas, Batangas on March 1, 2023.
AFP / Jam Sta Rosa
MANILA, Philippines — The Philippines' manufacturing sector experienced a moderation in growth in February, with the S&P Global Philippines Manufacturing PMI ticking down for the second consecutive month to 51.0 from 52.3 in January.
This signals the least marked improvement in the health of the sector in nearly a year, according to the latest data.
The slowdown stems from a moderation in the expansion of new orders and output, leading to a softer increase in purchasing activity.
While the sector continues to improve overall, the pace of growth has noticeably cooled from the robust figures seen in late 2024.
Data from S&P Global Philippines report released on March 3, 2025
"Robust growth observed from the end of the previous year into the beginning of this year waned in February, as the latest survey data indicated slower expansions in output and new orders," Maryam Baluch, economist at S&P Global Market Intelligence, said.
Other indicators. Despite the moderation in growth, there were some positive signs within the sector.
Employment levels rose for the first time in three months, suggesting that companies are still working to meet sustained demand. This increase in employment occurred even as firms reported a rise in backlogs of work, indicating pressure on capacity.
Input prices, meanwhile, also increased at the slowest rate in nine months, and output prices rose only fractionally.
Confidence. Looking ahead, manufacturers in the Philippines remain optimistic about production over the next 12 months, with firms hoping that demand trends will continue to improve and that the upcoming election will provide an additional boost.
The degree of confidence, however, has weakened to a 10-month low, suggesting some caution.
