The Philippines posted the highest Manufacturing Purchasing Managers’ Index (PMI) in November 2024 among five Southeast Asian nations, according to an S&P Global report.
The country’s PMI rose to 53.8 in November, up from 52.9 in October, marking the strongest improvement in operating conditions since May 2022. This marks the 15th consecutive month of growth in manufacturing activity.
PMI is a key economic indicator that gauges manufacturing conditions across five components: new orders (30%), output (25%), employment (20%), suppliers’ delivery times (15%), and stocks of purchases (10%). A PMI reading above 50 signals expansion.
The report suggests optimism among Philippine manufacturers, who expect continued growth in output and sales in the coming months, particularly as the country enters an election year.