Philippines Manufacturing Sector Picks Up Steam - S&P Global

(RTTNews) - The manufacturing sector in the Philippines continued to expand in August, and at a faster rate, the latest survey from S&P Global revealed on Tuesday with a manufacturing PMI score of 54.9.

That's up from 51.8 in July, although it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

New orders rose robustly in August, supported by new product and model launches, higher repeat business and a broader customer base, according to anecdotal evidence. The rate of growth was the fastest in six months. Overall new business also received a modest lift from a renewed improvement in international sales, as new export orders for Filipino manufactured goods rose for the first time in six months.

Improved underlying demand and greater production efficiency were cited by respondents as key factors behind a substantial rise in manufacturing output during August.