PHILIPPINE manufacturing activity continued to expand in August, hitting a near 10-year high, amid increased output and new export orders, S&P Global said.
The S&P Global Philippines Manufacturing Purchasing Managers’ Index (PMI) rose to 54.9 in August from 51.8 in July, marking the fourth straight month of expansion.
This was the strongest improvement since December 2016’s 55.7.
A PMI reading below 50 shows a deterioration in operating conditions from the previous month, while a reading above 50 signals an improvement.
“The latest reading signalled a notable acceleration in growth from July, with the health of the sector improving to its greatest extent since December 2016,” S&P Global said on Tuesday.
S&P Global said growth in new orders accelerated to its fastest pace in six months in August, backed by new product and model launches, higher repeat business, and a broader customer base.
“Goods producers that forecasted an expansion in output in the year ahead cited expansion plans, the introduction of new product lines, and expectations of stronger inflows of new work and new customer wins,” S&P Global said. — Justine Irish DP. Tabile
