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Financial News: Philippine Manufacturing Growth Rises In October

Philippine Manufacturing Growth Rises In October

11/02/2021 - 04:18:00 (RTTNews)

(RTTNews) - The Philippines' manufacturing sector growth increased in October, data from IHS Markit showed on Tuesday.

The manufacturing Purchasing Managers' Index, or PMI, rose to 51.0 in October from 50.9 in September. Any reading above 50 indicates expansion in the sector.

Output declined for the seventh straight month in October and new order inflow remained sable after contracting for six consecutive months.

Lead time lengthened in October and input buying rose for the first time since July.

Staffing levels declined for the twentieth month in a row in October.

On the price front, input prices accelerated in October and output charges rose at a quicker pace.

Business confidence improved to the highest in three months at the start of fourth quarter.

"Firms hope that demand conditions in both domestic and international markets improve, with looser restrictions likely to support greater customer demand," Shreeya Patel, an economist at IHS Markit, said.

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