The Philippines: Manufacturing growth eases to 13-month low in Apr 22

  • Factory output eased to its lowest in 13 months in Apr 22, the Philippine Statistics Authority (PSA) reported on 9 Jun 22.
  • Preliminary results from the PSA’s Monthly Integrated Survey of Selected Industries (MISSI) showed manufacturing output, as measured by the volume of production index (VoPI), went up 3.4% y/y in Apr 22.
  • This was slower than the revised 352.3% growth in Mar 22 and the 157.8% in Apr 21.
  • It marked the slowest pickup in 13 months or since the 73.1% contraction in Mar 21.
  • Fourteen out of 22 industry divisions recorded expansions in Apr 22, led by textiles with 45.6% which grew almost twice from Mar 22’s record of 24%. This was followed by manufacture of machinery and equipment except electrical with 39.2% (from Mar 22’s 48.4%).
  • In comparison, S&P Global’s Philippines Manufacturing Purchasing Managers’ Index rose to 54.3 in Apr 22 from 53.2 in Mar 22. It was the highest reading in more than four years since the 54.8 print in Nov 17.

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