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Financial News: Philippines Manufacturing PMI Ticks Slightly Higher In Dec

Philippines Manufacturing PMI Ticks Slightly Higher In December - Markit

01/02/2022 - 19:49:00 (RTTNews)

(RTTNews) - The manufacturing sector in the Philippines continued to expand in December, and at a slightly faster pace, the latest survey from Markit Economics revealed on Monday with a manufacturing PMI score of 51.8.

That's up from 51.7 in November and it moved further above the boom-or-bust line of 50 that separates expansion from contraction.

Although only modest, the latest uptick was the strongest in nine months, and broadly in line with the long-run series average.

The improvement was partly driven by a quicker rise in new orders received by Filipino manufacturers. The overall rate of growth was modest with panel members continuing to highlight favorable domestic demand conditions. Contrary to the trend seen for total sales, new export orders fell sharply and at the quickest rate for four months. Tighter restrictions in international markets, linked to the Omicron variant, led to the downfall.

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