FX.co ★ Philippines Industrial Output Eases in May

Manufacturing output in the Philippines rose by 13.5% year-on-year in May 2026, slowing from a revised 14.6% increase in April, which had marked the strongest pace in more than four years. The deceleration was mainly attributed to weaker growth in the manufacture of transport equipment (0.9% vs 12.6% in April), a sector that accounted for 42% of total industrial production. Additional drag came from more modest gains in food manufacturing (3.1% vs 6.1%) and a sharp downturn in the manufacture of chemicals and chemical products (-11.5% vs 1.0%).

By contrast, several segments recorded stronger expansions, notably 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%). Over the first five months of the year, industrial production increased by 8.2% compared with the same period a year earlier.