The manufacturing sector in the Philippines continued to expand in November, and at a faster pace, the latest survey from S&P Global revealed on Thursday with a manufacturing PMI score of 52.7.
That’s up from 52.6 in October, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.
Demand conditions remained strong midway through the fourth quarter, as Filipino manufacturing output and factory orders grew for the third consecutive month. Moreover, the rates of increase recorded were the fastest since June. The latest upturns were strong in context of historical data.
That said, export conditions remained weak during November, thereby extending the current sequence of contraction in new export orders observed since March. Weak foreign client demand weighed on total new order growth across the sector which was primarily driven by domestic demand. Nonetheless, the downturn in export sales softened from October’s recent low.