Philippines' manufacturing PPI sees modest rise in November 2023

31 Dec '23

2 min read

Pic: Adobe Stock

Insights

In November 2023, the Philippines' manufacturing PPI saw a slight annual increase of 0.3 per cent, a shift from October's 0.4 per cent decline.
The leather industry notably grew by 4.4 per cent YoY.
Among 19 divisions, 7 reported annual PPI increases, while 12 declined, indicating an uneven sector recovery.
The month-on-month PPI declined by 0.1 per cent.

Philippines’ producer price index (PPI) for the manufacturing sector in November 2023 experienced a slight annual increase of 0.3 per cent, according to the Philippine Statistics Authority (PSA). This marks a reversal from the 0.4 per cent annual decline observed in October 2023 and is a significant decrease from the 6.4 per cent annual increase recorded in November 2022.

The manufacturing of leather and related products, including footwear, stood out with a year-on-year (YoY) growth rate of 4.4 per cent in November 2023.

Overall, of the 19 industry divisions analysed, seven reported annual increases in their PPI. However, 12 divisions witnessed annual decreases, underscoring the uneven recovery across different manufacturing sectors, as per PSA.

On a month-on-month (MoM) basis, the manufacturing sector's PPI in November 2023 saw a more pronounced decline of 0.1 per cent, accelerating from the 0.03 per cent decline seen in October 2023. This contrasts with the 0.7 per cent monthly decrease experienced in November of the previous year.

In the detailed breakdown, the manufacturing of leather and related products showed a MoM growth of 1.4 per cent. Meanwhile, the textile manufacturing sector maintained a steady pace with no MoM growth.

Further dissecting the monthly performance across the 19 industry divisions, the report indicates that seven divisions experienced monthly increases, suggesting pockets of growth amidst general challenges. However, 10 divisions faced MoM declines, and two divisions recorded a stagnant MoM rate.

Fibre2Fashion News Desk (DP)

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