FX.co ★ Philippines Manufacturing PMI Hits 9-Month High

In January 2026, the S&P Global Philippines Manufacturing PMI climbed to 52.9, up from 50.2 in December, reaching its highest mark since April 2025. This increase was driven by a continued rise in new orders, buoyed by a resurgence in export demand. Consequently, production entered expansion mode for the first time in five months. To meet the elevated production needs, companies expanded their workforce following two months of modest reductions, reducing the backlog of work in the process. Purchasing activity accelerated at its quickest pace in a year, and input inventories rose for the first time in three months. Inflationary pressures remained mild, with input cost inflation largely unchanged from December's recent low and only slightly higher overall. Meanwhile, selling prices increased marginally. Despite these positive developments, business confidence for the coming year saw a sharp decline, registering its second-weakest level on record, only surpassed by the figure seen in March 2020.