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Financial News: Philippines Factory Sector Growth Strongest In 6 Months O

Philippines Factory Sector Growth Strongest In 6 Months On Robust Output

01/03/2023 - 03:29:00 (RTTNews)

(RTTNews) - The Philippine manufacturing sector expanded at the quickest pace in six months, as output grew at a faster rate, survey results from S&P Global showed on Tuesday.

The manufacturing Purchasing Managers' Index rose to 53.1 in December from 52.7 in November. A score above 50 indicates expansion in the sector.

For the fourth consecutive month, both new orders and production increased, albeit new business increased at a slightly slower rate. Meanwhile, output growth accelerated to a six-month high.

In line with increasing business requirements, firms resumed their hiring activity in December after falling for the first time in eight months in November. Nonetheless, the rate of job creation was only marginal.

On the price front, input price inflation eased to a 3-month low, and firms raised their selling prices at the softest rate for a year in December amid efforts to drive sales.

"While the central bank of Philippines has taken measures to curb inflation, global supply chain delays and material shortages remain a much more complex issue to solve," Maryam Baluch, an economist at S&P Global Market Intelligence, said.

"Nonetheless, goods producers remain strongly upbeat for the year-ahead, banking largely on domestic demand to help maintain growth."

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