Manila: The IHS Markit Philippines Manufacturing PMI® fell from 51.8 in December 2021 to 50.0 in January 2022 registering at the no-change threshold that separates expansion from contraction.
The latest result brought an end to four successive months of growth amid the impact of Typhoon Odette, material scarcity and the COVID-19 pandemic.
"The latest PMI data revealed an unfortunate start to the year for the Philippines manufacturing sector, with the surge in case numbers and typhoon Odette hitting large parts of the nation. Anecdotal evidence suggested both factors weighed heavily on both domestic and international demand as well as firms’ ability to produce goods. Material shortages and delivery delays were also prominent, continuing pressure on vendor performance," IHS Markit Economist Shreeya Patel said in a press release on Wednesday.
"That said, there were signs of resilience. Employment fell at one of the softest paces in almost two years, and price pressures started to ease. In addition, firms looked to increase their selling prices at a quicker rate in a bid
to protect profits," Patel stated.
Declines in production and new orders also hit business confidence at the start of the year.
Panellists commented that the lasting effects of the pandemic and the typhoon resulted in a moderation in sentiment.
Despite this, the outlook remained positive overall with panellist’s hopeful of a return to normality and fruitful market conditions over the course of the year.
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