Financial News: Philippine Manufacturing Downturn Deepens

Philippine Manufacturing Downturn Deepens

11/03/2026 - 02:03:00 (RTTNews)

(RTTNews) - The Philippine manufacturing sector downturn deepened in October due to continued reduction in output and new orders, purchasing managers' survey data from S&P Global showed Tuesday.

The manufacturing Purchasing Managers' Index fell to 49.1 in October from 49.6 in the previous month. A score below 50.0 indicates contraction.

Output contracted at a softer pace, while the downturn in new orders deepened. Both domestic and foreign demand remained weak.

Employment declined for the second straight month. However, firms managed to keep on top of workloads, with backlogs falling at a sustained pace for a second straight month.

Price pressures the manufacturing sector moderated in October. Finally, confidence towards the year-ahead outlook for production bounced back up in October.

"The Bangko Sentral ng Pilipinas' latest 50-basis-point rate increase, taking its policy rate to 5.50%, could further restrain demand and investment through higher borrowing costs," S&P Global Market Intelligence Principal Economist Siân Jones said.

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