IHS Markit reports the country's Manufacturing PMI stood at 51.7, above the 50.0 threshold separating expansion from contraction. This is the best turnout since March's 52.2 as factory owners report an expansion in new orders.

The recent figure slightly surpassed the previous ₱11.91-trillion record set in September with the government incurring more loans as the global health crisis rages on.

Commerce Secretary Gina Raimondo is concerned the Omicron coronavirus variant will exacerbate pressure on the already stressed-out global supply chain.