Philippines Manufacturing Sector Slips Into Contraction - S&P Global
(RTTNews) - The manufacturing sector in the Philippines fell into contraction territory in September, the latest survey from S&P Global revealed on Wednesday with a manufacturing PMI score of 49.9.
That's down from 50.8 in August and it moves beneath the boom-or-bust line of 50 that separates expansion from contraction.
Weaker operating conditions were mainly attributed to a renewed (albeit marginal) drop in new order intakes in September. The decline in sales was the first in six months, as surveyed businesses remarked on lower customer numbers. However, order books with foreign clients continued to improve, signaling that the downturn was mainly centered on the domestic market.
Reduced sales volumes led Filipino manufacturers to scale back production at the end of the third quarter, which ended a three-month sequence of expansion.
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