The Philippine manufacturing industry contracted in November 2025 and posted its sharpest decline since August 2021, results of the latest survey conducted by S&P Global released on Monday showed.
The headline S&P Global Philippines Manufacturing PMI stood at 47.4 in November, below the 50.0 threshold that separates expansion and contraction, and reflects the strongest deterioration across the Filipino manufacturing sector since August 2021.
Output and new orders contracted at the fastest rates since August 2021, dragged by weak customer demand. Declines were also seen in exports, purchasing, and employment, indicating broader challenges in the sector.
“Overall, while the manufacturing sector faces immediate challenges, the outlook suggests cautious optimism for growth moving forward,” S&P Global Market Intelligence economics director Trevor Balchin said in a commentary.
New orders fell for the third straight month, given weak customer demand and reduced requirements amid product life cycle changes, while export orders declined for the second straight month.
“There were signs of promise, however, as manufacturers expressed increased optimism for the next 12 months, anticipating growth due to new projects and improved economic conditions,” Balchin said, as input price inflation eased to a four-month low while output prices posted a slight increase.
Survey responses were collected in the second half of the month, taking into account responses from purchasing managers in a panel of around 400 manufacturers. The PMI is a weighted average of new orders, output, employment, suppliers’ delivery times, and stocks of purchases.
The Philippine Statistics Authority (PSA) is scheduled to release official government figures on manufacturing for the month of November next year.—AOL, GMA Integrated News