Manufacturing output in the Philippines firmed further in July after gaining some momentum in June from a previous slowdown, driving the headline S&P Global Philippines Manufacturing PMI higher into expansion territory at 50.9.
The PMI – a composite single-figure indicator of manufacturing performance – inched up from 50.7 in June, when it picked up some pace after nearly stagnating at 50.1 in May.
“The latest improvement in operating conditions was the strongest since April,” S&P Global said, when the index registered a 53.
S&P Global said that while conditions improved, it remained subdued in July.
In particular, while output and new orders continued to rise, they did so at modest and historically muted rates, S&P said.
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