FX.co ★ Philippine Industrial Output Growth at 5-Month Low

Manufacturing production in the Philippines grew by 9.6% year-on-year in July 2026, the weakest expansion since February and down from an upwardly revised 13.9% increase in June. The deceleration was mainly due to a sharp slowdown in the manufacture of coke and refined petroleum products (47.2% vs 89.3% in June), alongside more moderate gains 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%).

Meanwhile, output fell further in several categories, including 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%).

In contrast, production growth strengthened in basic metals (24.2% vs 22.8%), leather and related products (35.4% vs 21.7%), and apparel (10.4% vs -2.3%), while still expanding solidly but at a slower pace in furniture (23.9% vs 66.6%).

Over the January–July period, overall industrial output was up 8.6% compared with the same period a year earlier.