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Financial News: Philippines Manufacturing Activity Rebounds In June

Philippines Manufacturing Activity Rebounds In June

07/01/2021 - 08:23:00 (RTTNews)

(RTTNews) - The Philippine manufacturing sector expanded modestly in June, data from IHS Markit showed on Thursday.

The manufacturing Purchasing Managers' Index, or PMI, rose to 50.8 in June from 49.9 in May. Any reading above 50 indicates expansion in the sector.

Production fell for the third month in a row and new orders declined at a softer pace. Purchasing activity increased in June.

Employment continued to fall since March 2020, albeit at a softer pace, and suppliers' delivery time lengthened in June.

Input prices increased in June and output price inflation quickened to an over two-and-a-half-year high.

For the next 12 months, goods producers remained optimistic about their overall prospects for higher production levels.

"Nevertheless, with the vaccination program still in the early stages, controlling the spread of the pandemic remains principal to preventing another series of tightening restrictions," Shreeya Patel, economist at IHS Markit, said.

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