PH manufacturing growth hit 8-mo low in April
MANILA -The Philippine manufacturing sector expanded at a slower pace than the previous month for the third time in a row with the S&P Global Philippines Manufacturing PMI (purchasing managers index) easing to 51.4 in April from 52.5 in March.
This was the lowest in eight months, as both new orders and output grew at softer rates.
Nevertheless, this was the 15th month in a row that the PMI was above 50, indicating an overall increase in output as local and international trade continues to recover from the ravages of the COVID-19 pandemic.
S&P Global said in its latest update that in April, operating expenses of Philippine manufacturers rose at the weakest pace in 30 months while employment fell for the third consecutive month.
Maryam Baluch, an economist at S&P Global Market Intelligence, said price pressures cooled further during the latest survey period with the pace of inflation at its weakest in two and a half years.
“Looking ahead, manufacturers across the Philippines remained largely optimistic, as the degree of confidence in the year-ahead outlook for output reached a three month high,” she said.
“That said, the degree of confidence was weaker than the series average,” she added. INQ