FX.co ★ Philippines Manufacturing PMI Returns to Contraction

The S&P Global Philippines Manufacturing PMI declined to 47.4 in November 2025 from 50.1 in October, indicating a shift back into contraction. This represents the most significant downturn since August 2021, with both production and new orders decreasing for a third consecutive month at the fastest rate since that time, primarily due to disruptions in business activities caused by recent typhoons. Furthermore, the manufacturing sector saw a reduction in staffing levels for the first time since May, although the rate of job losses was modest, attributed to layoffs and the non-renewal of contracts. In terms of pricing, inflationary pressures were relatively mild, with input costs at their lowest in four months, although output prices experienced a slight increase. However, manufacturers expressed heightened confidence in future output growth. Overall sentiment was at its highest since November 2024, buoyed by anticipated new projects, increased orders, economic growth prospects, and enhanced marketing strategies.