Philippines Industrial Output Tumbles in July

The annual manufacturing production in the Philippines tumbled to 1.3% in July 2025, from a downwardly revised 1.2% growth in the previous month. This marked the first contraction since November 2024, as output moderated for the manufacture of food products (17% vs 22.9% in June), which contributed 40% to the downtrend—particularly in the manufacture of vegetable and animal oils and fats. Moreover, output eased notably for the manufacture of transport equipment (7.9% vs 11.8%) and wood, bamboo, cane, rattan articles and related products (22.6% vs 47.2%). In addition, output continued to decline for the manufacture of rubber and plastic products (-6.6% vs -3.1%), beverages (-3.2% vs -1.2%), coke and refined petroleum products (-11.6% vs -10.2%), chemical and chemical products (-22.3% vs -25.3%), and basic metals (-26.5% vs -25.3%). On a seasonally adjusted monthly basis, industrial activity rose by 3.5%, rebounding from an upwardly revised 4.2% fall in the preceding month.