Manila, April 2 -- Manufacturers recorded higher business confidence for the next 12 months despite the factory output decline in March, according to S&P Global Philippines Manufacturing Purchasing Managers' Index (PMI) report released Wednesday.

S&P Global said business sentiment in March was the highest since December 2024 as manufacturers anticipate the demand to pick up in the coming months, citing their plans for new projects and additional clients.

"Nonetheless, businesses remain optimistic in their year-ahead production forecasts, with confidence levels at a four-month high. Optimism was reflected in firms' decisions to maintain their purchasing activity and build stocks," S&P Global Market Intelligence economist Maryam Baluch sa...