Philippine Industrial Output Growth at 5-Month Low

Manufacturing production in the Philippines rose by 9.6% year-on-year in July 2026, marking the softest growth since February and slowing from an upwardly revised 13.9% gain in the previous month. The slowdown was largely driven by a sharp moderation in the manufacture of coke and refined petroleum products (47.2% vs 89.3% in June), alongside slower growth in computer, electronic and optical products (17.2% vs 22.8%), food products (2.8% vs 4.4%), and transport equipment (6.5% vs 7.8%). At the same time, output declined for chemicals and chemical products (-19.0% vs -11.8%), machinery and equipment excluding electrical (-16.5% vs -17.0%), and pharmaceutical products (-10.8% vs 5.9%). On the other hand, production accelerated in basic metals (24.2% vs 22.8%), furniture (23.9% vs 66.6%), leather and related products (35.4% vs 21.7%), and apparel (10.4% vs -2.3%). For the January-July period, industrial activity grew by 8.6%, compared with the corresponding period a year earlier.

Manufacturing production in the Philippines climbed by 13.5% year-on-year in June 2026, marking the fastest rise since October 2022 and accelerating from a downwardly revised 12.5% increase in the previous month. The stronger expansion was mainly driven by a faster increase in the manufacture of coke and refined petroleum products (89.0% vs. 78.5% in May), which accounted for nearly 30% of the overall improvement in manufacturing output. Growth also accelerated in the manufacture of food products (5.7% vs. 1.6%) and transport equipment (7.7% vs. 1.9%). Additionally, output remained strong in computer, electronic and optical products (22.0% vs 24.8%) and basic metals (19.3% vs 28.4%). Meanwhile, fabricated metal products (-26.7% vs -21.4%), machinery and equipment (-16.1% vs -22.1%), and chemicals and chemical products (-13.8% vs -18.6%) were among the weakest performers. For the January-June period, industrial output grew by 8.2%, compared with the corresponding period a year ago.

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.