FX.co ★ Philippines Industrial Output Tumbles in July

In July 2025, the Philippines experienced a decline in annual manufacturing production, registering a decrease of 1.3%. This represents the first reduction since November 2024, coming after a downward revision of last month's growth figure to 1.2%. The slowdown was predominantly influenced by a reduced output in the manufacture of food products, decreasing to 17% from June’s 22.9%. This sector significantly represented 40% of the total downturn, notably in the production of vegetable and animal oils and fats. Further decreases were noted in the manufacture of transport equipment, which dipped to 7.9% from 11.8%, and in wood, bamboo, cane, and rattan articles and related products, which fell dramatically to 22.6% from 47.2%. There were consistent declines observed in other industries, such as rubber and plastic products (-6.6% from -3.1%), beverages (-3.2% from -1.2%), coke and refined petroleum products (-11.6% from -10.2%), chemical and chemical products (-22.3% from -25.3%), and basic metals (-26.5% from -25.3%). Despite these downturns, on a seasonally adjusted monthly scale, industrial activity experienced a revival, rising by 3.5% following an upwardly revised drop of 4.2% the month before.