Pascual: PMI rise reflects resilience

After the country’s Purchasing Managers’ Index (PMI) posted an improved performance in April, the Department of Trade and Industry attributed the increase to the manufacturing sector staying resilient and on an upward trajectory.

The country’s manufacturing PMI increased to 52.2 in April from a modest score of 50.2 in March this year, according to the report of S&P Global Market Intelligence.

“The acceleration in new order volumes, alongside a notable increase in export orders, highlights the competitiveness of our manufacturing sector,” said Trade Secretary Alfredo Pascual on Friday, in reaction to the S&P report.                                                 

The S&P Global stated that the growth in new orders in April was the fastest rate since November 2023.

Further, the report said export conditions continued to improve in April, with orders from foreign markets rising since February this year and at the quickest pace in five months.

Aligned with policies

“This positive performance is aligned with our government’s policies aimed at industrial growth. The indication that inflationary pressures remained subdued in April provides further optimism. This environment enables our manufacturers to price their products more competitively, enhancing their domestic and international market position,” the Trade chief stressed.

Pascual further maintained that the DTI remains committed to supporting the manufacturing sector through strategic initiatives that encourage innovation, enhance productivity, and attract investment.

S&P Global Market Intelligence economist Maryam Baluch said in the report that inflationary pressures remained subdued in April, which is expected to support growth in the coming months as manufacturers were able to price their output more competitively.