The country’s manufacturing sector recorded further gains in April amid renewed growth in output and a stronger rise in new orders, according to a report released yesterday.
The headline S&P Global Philippines manufacturing purchasing managers’ index, a composite single-figure indicator of manufacturing performance, stood at 52.2 in April, up from 50.9 in March.
The latest reading indicated the strongest improvement in operating conditions across the Filipino manufacturing sector in five months.
According to the report, new orders rose further in April and at a quicker pace, with the upturn the fastest recorded since November last year.
Export market conditions also improved for the month, with new export orders rising for the third month running and at the quickest pace in five months.
The report said an improvement in demand trends, and a solid expansion in production prompted firms to raise their purchasing activity and build inventories.
Employment also ticked up during the latest survey period.
“With production requirements rising, hiring and purchasing activity remained in growth territory. Moreover, stockbuilding became more widespread in anticipation of greater future output,” Maryam Baluch, economist at S&P Global Market Intelligence, said.
“Meanwhile, prices data indicated a relatively subdued inflationary environment, which also is likely to help support growth in the coming months as firms were able to price more competitively,” Baluch added.
