FX.co ★ Philippines’ Manufacturing Activity Slips Back Into Contraction in April, S&P Global PMI Falls to 48.3

The Philippines’ manufacturing sector moved back into contraction territory in April 2026, as the S&P Global Manufacturing Purchasing Managers’ Index (PMI) fell to 48.3. This marks a significant reversal from March 2026, when the PMI stood at 51.3, indicating modest expansion. A reading below 50 signals a contraction in manufacturing activity, while above 50 indicates growth.

The latest data, updated on 4 May 2026, suggest a cooling in factory output and business conditions following a brief period of improvement in March. The shift from 51.3 to 48.3 points to weakening momentum in new orders and production, and may reflect growing caution among manufacturers amid an uncertain demand environment.

With the index now below the 50-point threshold, attention is likely to focus on how sustained this downturn proves to be and whether policy support or improving external conditions can help stabilize the sector in the coming months.