PH factories posted ‘modest’ improvement in February

BUSY SUMMER A clothes factory in Lapu-Lapu City should see increased output as companies ramp up to meet resurgent demand. —PHOTO COURTESY OF THE MEPZ WORKERS ALLIANCE

MANILA, Philippines—Local factories posted a “modest” improvement in their performance in February on the back of softer increases in output and new orders.

The Philippines’ Purchasing Managers’ Index—a gauge of the strength of the manufacturing sector—stood at 51 in February, S&P Global reported.

READ: PH factory growth eased to 5-month low in January

While the PMI reading had stayed above the 50-mark separating growth from decline, it marked the second straight month of softer expansion after easing from January’s 52.3.

“Manufacturing conditions have improved in each of the last 18 survey periods, S&P said.

“However, the latest uptick signaled only a modest improvement in the health of the Filipino manufacturing sector, and one which was also the least marked in nearly a year,” it added.