The manufacturing sector in the Philippines continued to expand in May, and at a faster rate, the latest survey from S&P Global revealed on Thursday with a manufacturing PMI score of 52.2.
That's up from 51.4, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.
The improvement in the health of the Filipino manufacturing sector during May was driven by quicker expansions in both factory orders and manufacturing output, which have now risen each month since September 2022.
According to anecdotal evidence, the upturn in new orders stemmed from stronger demand conditions and the acquisition of new clients. Demand from foreign markets also fared well in the latest survey period, with export volumes growing solidly, albeit at a slightly softer pace compared to April.
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