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Financial News: Philippines Manufacturing Sector Falls Into Contraction -

Philippines Manufacturing Sector Falls Into Contraction - Markit

08/31/2021 - 21:30:00 (RTTNews)

(RTTNews) - The manufacturing sector in the Philippines fell into contraction in August, the latest report from Markit Economics showed on Wednesday with a manufacturing PMI score of 46.4.

That's down from 50.4 in July, and it falls beneath the boom-or-bust line of 50 that separates expansion from contraction.

The re-introduction of Enhanced Quarantine Measures (ECQ) in Metro Manilla forced factory and business closures in one of the Philippines largest manufacturing regions in August. Output and new orders fell sharply, although the rates of decline were not as severe as those seen during the first lockdown in March-May 2020.

Nevertheless, weak demand led to cost saving efforts and the consequent reduction in inventory levels and employment in August. Meanwhile, virus-related restrictions weighed heavily on lead times with port congestions and material shortages again a key theme in the latest survey period.

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