It took extraordinary efforts by the Philippine Institute for Supply Management (PISM), its advocacy arm the Foundation for the Society of Fellows in Supply Management (SOFSM), and its research partner The Asian Centre for Enterprise Development (Ascend) to mount the Purchasing Manager's Index in the Philippines. The Philippines is now one of seven Asian countries and one of 32 countries in the world where the Purchasing Manager's Index (PMI) is available.
On recommendation by Bangko Sentral ng Pilipinas (BSP) and Markit, a French consulting firm, PISM, together with SOFSM and research consultant Nick Fontanilla, conducted a pilot test in April 2007. After a series of consultations and planning, the group conducted the first monthly PMI manufacturing survey in July 2008. This was followed by PMI Retail/Wholesale in April 2009 and by PMI Services in 2009. PMI manufacturing is now on its 41st monthly run, PMI Retail/Wholesale on its 32nd monthly run and PMI Services on its 14th monthly run.
The PMI is a leading economic indicator. It provides timely information to decision makers regarding the conditions of the economy each month, whether it expanded or contracted as compared to the previous month. It also provides a foresight on whether the economy next month will expand or contract.
Starting this month, we will present some highlights of the Purchasing Manager's Index and how it competently predicts the conditions in the economy month to month. We will also provide some details on how PMI Philippines is conducted -- the methodology and the available reports.
For details on the PMI, see www.pmiphilippines.com or email to abfontanilla@yahoo.com.
(This blog is operated and maintained by Ascend, Inc. The editorial and writing team includes Angelica Basada, Stephanie Manacop, Johnlery Rico and Edrina Rebagay. Managing Editor is Nick Fontanilla)
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