FX.co ★ Philippines Manufacturing PMI Edges Down

The S&P Global Philippines Manufacturing PMI slightly declined to 50.8 in August 2025, down from a three-month peak of 50.9 in July. Despite this slight decrease, the index remained within expansion territory for the fifth consecutive month. Production saw its third consecutive month of growth, with the pace hitting its fastest in four months, remaining just below the average for the series. This growth in production was underpinned by a consistent increase in new orders, aligning with July's numbers due to the acquisition of new customers and a strong underlying demand. Regarding prices, cost pressures were generally subdued, although input costs did rise more rapidly due to higher material prices. Manufacturers responded by attempting to offset these costs through increased customer charges. Furthermore, confidence among manufacturers regarding future output prospects improved, with the sentiment index climbing for the fourth month in a row, reaching its highest point since November 2024.