Philippines Industrial Output Growth Eases

Manufacturing production in the Philippines grew 2.7% year-on-year in January 2026, easing from an upwardly revised 2.8% in the previous month. The slowdown was mainly driven by the manufacture of food products (0.8% vs 14.8% in December), which contributed 53.2% to the annual growth of the overall manufacturing sector. Activity also moderated for other non-metallic mineral products (5.4% vs 30.2%), transport equipment (-0.7% vs 7.1%), other manufacturing and repair and installation of machinery and equipment (12.1% vs 12.9%), and paper and paper products (2.4% vs 7.8%). Meanwhile, production growth accelerated for computer, electronic and optical products (26.8% vs 15%), beverages (20.2% vs 4.1%), and wood, bamboo, cane, rattan articles and related products (28.7% vs 3.9%). On a seasonally adjusted monthly basis, industrial activity increased 2.7%, down from 4.7% in the previous month.

Manufacturing production in the Philippines climbed 1.9% year-on-year in December 2025, recovering from a downwardly revised 1% decline in the previous month. This marked the highest reading since August, mainly driven by a faster annual increase in the manufacture of other non-metallic mineral products (29.5% vs 4.4% in November), which contributed 23.2% to the overall uptrend in manufacturing production. Activity also rebounded in machinery and equipment except electrical (9.7% vs -11.1%), and other manufacturing and repair and installation of machinery and equipment (13.8% vs -4.4%). In addition, output rose for transport equipment (6.7% vs 0.2%). Meanwhile, production growth slowed for leather and related products (4.6% vs 27.7%), and wood, bamboo, cane, and rattan products (3.4% vs 17.5%). On a seasonally adjusted monthly basis, industrial activity jumped 4.7%, rebounding from a 3.2% fall in the prior month.

Manufacturing production in the Philippines dropped to 1.4% year-on-year in November 2025 from a downwardly revised 1.5% gain in the previous month. This marked the lowest growth in industrial activity since July as output decreased mostly for computer, electronic, and optical products (16.1% vs 17.4% in October), food products (4.3% vs 8.6%), basic pharmaceutical products and pharmaceutical preparations (9.3% vs 20.5%), wood, bamboo, cane, and rattan products (6.6% vs 14.9%), and transport equipment (0.4% vs 1.1%). At the same time, activity contracted for textiles (-11.8% vs 6.3%), furniture (-14.9% vs 7.5%), and rubber and plastic products (-5.3% vs 1.7%). On the other hand, activity increased for electric equipment (12% vs 1.5%), tobacco products (15.7% vs 9.3%), and leather and related products including footwear (28.3% vs 21%). On a seasonally adjusted monthly basis, industrial activity fell 3.2% in November, following a 0.4% decline in the preceding period.