Philippines Manufacturing Growth Improves In October

The Philippine manufacturing sector grew at a faster rate in October, amid a rise in output and new orders, data from IHS Markit showed on Monday.

The manufacturing purchasing managers' index, or PMI, rose to 52.1 in October from 51.8 in September. Any reading above 50 indicates expansion in the sector.

Production growth remained at a modest rate in October, supported by an upturn in new orders. The rate of output expansion was weaker than the trend for the series that started in January 2016.

The rate of new order growth increased slightly, amid an increase in client numbers and in export conditions. Exports demand rose for the first time in five months though modestly.

Input prices continued to grow in October, due to higher prices for raw materials and reduced supply of inputs. The rate of increase was weaker than its survey average.

On the other hand, selling charge inflation declined to the softest rate since the beginning of 2016, as most firms kept prices unchanged to maintain a solid inflow of new business.

Employment level increased at a softest pace for three months due to a lack of capacity pressures and consequent depletion of outstanding business.

Input buying continued to rise solidly, while the rate of expansion decreased slightly to the slowest in six months.

"Business expectations dropped to the lowest in the series history," David Owen, economist at IHS Markit, said.

"However, with a good proportion of firms still expecting activity to rise in the year ahead, the overall outlook remained positive."

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