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Financial News: Philippines Manufacturing Sector Contracts In October

Philippines Manufacturing Sector Contracts In October

11/03/2020 - 06:21:00 (RTTNews)

(RTTNews) - The Philippine manufacturing sector contracted in October, data from IHS Markit showed on Tuesday.

The manufacturing Purchasing Managers' Index, or PMI, fell to 48.5 in October from 50.1 in September. Any reading below 50 indicates contraction in the sector.

Production declined in October and new orders decreased at the beginning of the fourth quarter. New orders from abroad grew for the second straight month.

Staffing level declined sharply in October, for the eight month in a row and backlogs of works decreased. Suppliers' delivery time lengthened in October.

On the price front, input costs rose in October and output charges increased fractionally.

Business expectations for the next 12 months were positive. The degree of confidence was below the long-run average, however some firms expect that Covid-19 will have an impact on production.

"The reopening of businesses will support a pick-up in the economy, although, infection rates in the Philippines remain high compared to regional peers," Shreeya Patel, an economist at IHS Markit, said.

"Until virus cases are tamed domestically and globally, we are likely to see a protracted recovery in manufacturing production," Shreeya added.

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