The manufacturing sector in the Philippines continued to expand in May, albeit at a slower pace, the latest survey from S&P Global revealed on Wednesday with a manufacturing PMI score of 54.1.
That's down from 54.3 in April, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.
Production volumes and intakes of new orders grew at solid rates. Despite rates of expansion softening slightly from April, they were the second-fastest since November 2018, respectively.
In contrast, foreign demand for Filipino goods contracted for the third month running. The downturn was solid and quickened from the preceding survey period. Anecdotal evidence highlighted that ongoing pandemic related restrictions in China led to dampened demand and shipment delays.
