MANILA – The nation’s manufacturing rating in February has improved to 52.8, its highest since December 2018, the IHS Markit Manufacturing Buying Managers’ Index (PMI) reported Tuesday.
Final month’s manufacturing PMI was additionally higher than the 50 index registered in January.
IHS Markit economist Shreeya Patel mentioned there have been stable expansions in output and new orders that supported the expansion of the native manufacturing sector.
“Whereas the comfort of restrictions was little question the newest driver of development, there have been additionally tentative indicators of enhancements in materials availability, as supply instances lengthened to the least marked extent for a 12 months,” she mentioned.
Patel mentioned corporations’ buying exercise additionally rose on the sharpest fee for over three years whereas boosting pre and post-production inventories.
“There have been, nonetheless, areas of concern surrounding costs and employment. Inflationary pressures have been traditionally elevated which compelled corporations to push via hikes in promoting prices. On the similar time, voluntary resignations continued, which has been seen because the pandemic hit the Philippines’ economic system two years in the past,” she added.
In Asean, the Philippines had the third-highest manufacturing rating for February, solely behind Singapore at 58.3 and Vietnam at 54.3.
In the meantime, the outlook of the sector stays optimistic amid the upcoming elections whereby larger demand is predicted. (PNA)