Philippines Manufacturing Sector Accelerates In September – S&P Global
By RTTNews Staff Writer ✉ | Published:
The manufacturing sector in the Philippines continued to expand in September, and at a faster pace, the latest survey from S&P Global revealed on Monday with a manufacturing PMI score of 52.9.
That’s up from 51.2, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.
The two largest sub-components of the PMI (output and new orders), rose during the latest survey period. The rates of increase were only moderate, but a welcome change from the preceding two survey periods. According to anecdotal evidence, greater client appetite helped boost factory orders, with firms then scaling up production.
Though Filipino manufacturers saw inflows of new business increase during September, foreign demand for Filipino manufactured goods weakened, thereby extending the current run of contraction to seven months, and suggesting that growth was primarily driven by domestic demand.
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