Philippine factory activity ‘stalled’ in May

Philippine factory activity stalled in May. (INQUIRER FILE PHOTO)

MANILA, Philippines – Local factory activity broadly stalled in May after output fell into contraction territory while new order growth waned.

The Philippines purchasing managers’ index (PMI) – a composite single-figure indicator of manufacturing performance – fell to 50.1 from 53.0 in the previous month, signaling a broad stagnation in operating conditions, S&P Global said.

READ: Factory output still in the red in March

While the PMI reading in May still settled above the 50-mark separating growth from contraction, S&P said it marked a “notable reversal” from the “solid” recovery seen in April.