菲律宾制造业在2025年11月下跌,扭转了10月的增长,但12月略有改善。 Philippine manufacturing dropped in November 2025, reversing October’s growth, though December showed slight improvement.

菲律宾制造业产出在2025年11月有所下降,生产价值和数量指数逐年下降,扭转了10月的增长。 Philippine manufacturing output declined in November 2025, with both production value and volume indices falling year-on-year, reversing October’s growth. 价值指数下降了1.4%,体积指数下降了1.5%,比2024年11月4.1%和4.5%的下降幅度小。 The value index dropped 1.4%, and the volume index fell 1.5%, less severe than the 4.1% and 4.5% declines in November 2024. 尽管12月PMI回升至50.2,受国内需求强劲和产出下降缓和的驱动,外国订单仍然疲软,原因是全球贸易紧张和美国关税。 Despite a December rebound in the PMI to 50.2, driven by stronger domestic demand and easing output declines, foreign orders remained weak due to global trade tensions and U.S. tariffs. 分析家引述了经济不确定性、低投资和基础设施挑战带来的持续风险,但指出谨慎乐观与出口潜力、塔塔克皮诺伊等政府改革以及2026年预期的低借贷成本有关。 Analysts cite ongoing risks from economic uncertainty, low investment, and infrastructure challenges, but note cautious optimism tied to export potential, government reforms like Tatak Pinoy, and expected lower borrowing costs in 2026.