FX.co ★ Philippines Manufacturing Momentum Cools as S&P Global PMI Slips to 51.3 in March

The Philippines’ manufacturing sector lost some of its recent momentum in March, as the S&P Global Manufacturing Purchasing Managers’ Index (PMI) eased to 51.3 from 54.6 in February 2026. The latest reading, released on 1 April 2026, signals that the sector remains in expansion territory, but at a notably slower pace than the previous month.

February’s 54.6 had marked a strong acceleration in manufacturing activity, suggesting robust order books and healthier output. March’s decline to 51.3 points to a moderation in growth, indicating that while factories are still expanding, the pace of improvement in business conditions has cooled.

Despite the slowdown, a PMI level above 50 continues to reflect overall expansion in the Philippine manufacturing industry. Markets and policymakers will now watch upcoming data closely to gauge whether March’s pullback represents a temporary pause after February’s strength or the early signs of a more sustained softening in sector activity.