FX.co ★ Philippines’ Manufacturing Contraction Deepens as S&P Global PMI Slips Further Below 50 in October

The Philippines’ manufacturing sector showed a deeper contraction in October, as the S&P Global Manufacturing Purchasing Managers’ Index (PMI) eased to 49.1, down from 49.6 in September 2026. The latest reading, released on 03 November 2026, keeps the index below the 50.0 threshold that separates expansion from contraction, signalling a continued weakening in manufacturing activity.

The marginal decline from September’s level suggests ongoing softness in production and demand conditions, with the sector yet to regain expansionary momentum. While the drop is modest, the back-to-back sub-50 readings for September and October highlight persistent headwinds facing Philippine manufacturers during the period. Investors and policymakers are likely to watch upcoming data closely for signs of stabilization or further deterioration in the sector’s performance.