ANN/INQUIRER.NET – The Philippines’ manufacturing sector continued its growth in August, driven by increasing new orders amid improving global demand, according to S&P Global.
The S&P Global Philippines Manufacturing Purchasing Managers’ Index (PMI), which tracks the country’s manufacturing performance, registered a 51.2 in August.
This marks the 12th consecutive month that the index has remained above the 50 mark, which indicates expansion. A PMI reading above 50 reflects improved operating conditions, while a reading below 50 suggests a decline.
While unchanged from July levels, the Philippines’ PMI reading was the second fastest among the top five Association of Southeast Asian Nations (Asean) member-countries, trailing behind Thailand’s 52.
“The Filipino manufacturing sector showed sustained and modest gains midway through the third quarter. Growth in output and new orders accelerated on the month, thereby highlighting improving demand trends.
“However, employment fell, and buying activity cooled, suggesting that manufacturers remain cautious about growth prospects,” S&P Global Market Intelligence economist Maryam Baluch said in a statement.
