Philippine factory activity expanded to a near-decade high in August as easing inflationary pressures boosted new orders and renewed business confidence.
SandP Global said Tuesday the country’s Manufacturing Purchasing Managers’ Index (PMI) climbed to 54.9 in August from 51.8 in July, marking its highest growth since December 2016.
‘The Filipino manufacturing sector continued to build momentum in August, moving on from the flat performance seen in the previous quarter, when activity was affected by the conflict in the Middle East,’ Maryum Baluch, SandP Global Market Intelligence economist, said.
‘Encouragingly, production rose at its fastest pace since 2016, helped by stronger demand conditions. Firms responded by increasing both purchasing and hiring to keep up with greater production needs. At the same time, cost pressures eased, and confidence about the year ahead improved to a 21-month high,’ she added.