By Inquirer.Net
Philippine factory activity stalled in August following a “modest” rise in demand amid lingering global headwinds, keeping Filipino producers cautious.
A survey of around 400 companies showed the Philippines’ Purchasing Managers’ Index (PMI), a measure of the manufacturing sector’s health, at 50.8, barely changed from July’s 50.9, S&P Global reported on Monday.
While still above the 50-level separating growth from contraction, the August reading was “historically subdued and only marginal overall.” Maryam Baluch, economist at S&P Global, blamed the muted rise in demand.
“The latest PMI data for the Philippines manufacturing sector once again indicated a subdued performance, with growth rates for output and new orders remaining below their historical averages,” Baluch said.
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