The manufacturing sector in the Philippines continued to expand in April, albeit at a slower pace, the latest survey from S&P Global revealed on Tuesday with a manufacturing PMI score of 51.4.
That's down from 52.5 in March, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.
Contributing to the softer uptick in business conditions across the Filipino manufacturing sector was a relatively muted upturn in new business. The rate of growth was the weakest in the current eight-month sequence of expansion amid reports of increased market competition and softer demand. In contrast, April data suggested much sturdier demand for Filipino manufactured goods from foreign markets, as new export orders grew at a strong pace.
In fact, the rate of expansion quickened to the joint-fastest in nearly two years. In line with the softer uptick in new business, firms also expanded their output, but at the weakest pace in six months.
For comments and feedback contact: editorial@rttnews.com
What parts of the world are seeing the best (and worst) economic performances lately? Click here to check out our Econ Scorecard and find out! See up-to-the-moment rankings for the best and worst performers in GDP, unemployment rate, inflation and much more.
