The S&P Global Philippines Manufacturing Purchasing Managers’ Index (PMI) reported on Monday that the sector’s performance in August sustained its improvement.
The Philippine factories’ PMI in August was steady at 51.2, the same score in July.
“The Filipino manufacturing sector showed sustained and modest gains midway through the third quarter. Growth in output and new orders accelerated in the month, thereby highlighting improving demand trends,” said S&P Global Market Intelligence economist Maryam Baluch.
The S&P Global survey said the lower orders from foreign buyers offset the demand from the domestic market.
On the other hand, hiring activities among Filipino manufacturers declined last month, a reversal from the uptick seen in July 2024.
Inflationary pressures in August also eased, S&P Global said.
“Confidence levels also waned in the latest survey period and hit a four-month low, further confirming that expectations surrounding the production outlook have softened,” Baluch added. (PNA)
