Philippines Industrial Output Eases in May

Manufacturing production in the Philippines increased by 13.5% year-on-year in May 2026, easing from a more than four-year high and revised gain of 14.6% in the previous month. The moderation was largely driven by slower output growth in the manufacture of transport equipment (0.9% vs 12.6% in April), which accounted for 42% of total industrial production. Additional downward pressure came from softer growth in the manufacture of food products (3.1% vs 6.1%) and a sharp contraction in the manufacture of chemicals and chemical products (-11.5% vs 1.0%). In contrast, several categories saw faster expansion, including the manufacture of coke and refined petroleum products (78.5% vs 60.4%), computer, electronic and optical products (22.6% vs 19.8%), and leather and related products, including footwear (90.9% vs 75.7%). For the January–May period, industrial production rose 8.2% compared with the corresponding period a year earlier.

Manufacturing production in the Philippines surged 14.7% year-on-year in April 2026, following an upwardly revised 13.1% increase in March. This was the fastest pace of growth since March 2022, largely driven by a sharp rise in the manufacture of coke and refined petroleum products (60.8% vs 4.6% in March), which accounted for 82.0% of the overall increase. Growth also strengthened in the manufacture of food products (9.7% vs 8.5%), transport equipment (11.8% vs 9.6%), and electrical equipment (10.1% vs 5.5%). Meanwhile, production rose at a slower pace for computer, electronic and optical products (19.0% vs 23.9%) and basic metals (29.1% vs 43.6%). On a seasonally adjusted monthly basis, manufacturing output went up 4.3%, after an upwardly revised 3.8% gain in the previous month. For the first four months of the year, output was 8.8% higher than in the same period last year.

Manufacturing production in the Philippines climbed 10.5% year-on-year in March 2026, accelerating from a downwardly revised 4.5% gain in the previous month. This marked the strongest annual growth since January 2023, driven largely by a rebound in the manufacture of coke and refined petroleum products (4% vs -16.6% in February), which contributed 41.1% to the overall increase. Other key contributors included the manufacture of computer, electronic and optical products (20.8% vs 15.2%), basic metals (42% vs 32.3%), and transport equipment (7.4% vs 2.2%). In contrast, output growth moderated in the manufacture of food products (3% vs 3.5%), other non-metallic mineral products (4.4% vs 5.1%), tobacco products (3.2% vs 11.1%), and leather and related products, including footwear (13% vs 18.3%). On a seasonally adjusted monthly basis, industrial output rose 1.9%, rebounding from a 0.3% fall in February. For the first quarter of the year, industrial output expanded 5.5%.