Financial News: Philippines Manufacturing Sector Accelerates In September

Philippines Manufacturing Sector Accelerates In September - S&P Global

09/30/2024 - 20:52:00 (RTTNews)

(RTTNews) - The manufacturing sector in the Philippines continued to expand in September, and at a faster rate, the latest survey from S&P Global revealed on Tuesday with a manufacturing PMI score of 53.7.

That's up from 51.2 in August and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

The uptick in the headline index was driven by solid and matching rates of expansion in both new orders and output. The respective seasonally adjusted indexes signaled a quicker pace of growth on the month, ticking up to a 20- and ten-month high, respectively. Anecdotal evidence pointed to improving underlying demand trends, new client wins, and the successful launch of new products.

That said, Filipino goods did not fare well internationally. A second consecutive monthly decline in new export orders was recorded in September, with the latest downturn the most severe in over four years.

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