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Financial News: Philippines Manufacturing Sector Steady In August - S&P

Philippines Manufacturing Sector Steady In August - S&P Global

09/01/2024 - 20:51:00 (RTTNews)

(RTTNews) - The manufacturing sector in the Philippines continued to expand in August, and at a steady pace, the latest survey from S&P Global revealed on Monday with a manufacturing PMI score of 51.2.

That's unchanged from the previous month and remains above the boom-or-bust line of 50 that separates expansion from contraction.

Underlying data signaled improved demand trends, with Filipino goods producers recording the strongest uptick in new orders in three months. However, demand from foreign customers faltered in August, as new exports sales fell for the first time since the start of the year. The data thus suggesting that demand was domestically driven.

Nonetheless, overall growth in new orders supported a stronger uptick in output during August. The rate of growth quickened from July's four-month low and was broadly in line with the historical series average.

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