The manufacturing sector in the Philippines swung into expansion territory in September, the latest survey from Markit Economics showed on Friday with a manufacturing PMI score of 50.9.
That’s up from 46.4 in August and it moves above the boom-or-bust line of 50 that separates expansion from contraction.
Production volumes fell during September, marking a six-month sequence of decline. Firms continued to indicate that the remaining COVID-19 restrictions hampered production. That said, the rate of contraction slowed considerably from that seen in August.
Those companies registering higher output levels mentioned a resumption in factory operations. Similarly, new orders declined further, but at a softer pace during September. Anecdotal evidence revealed a general reluctance to spend among clients amid ongoing restrictions.
The material has been provided by InstaForex Company – www.instaforex.com