The manufacturing sector in the Philippines moved to expansion in September, the latest survey from S&P Global revealed on Monday with a manufacturing PMI score of 50.6.
That's up from 49.7 in August, and it moves above the boom-or-bust line of 50 that separates expansion from contraction.
After having fallen for the first time in a year in August, improved demand conditions and new client wins supported a fresh, albeit modest rise in new orders during September. However, latest data also revealed a fall in new business from abroad, thereby marking the first month of contraction in the year-to-date. Moreover, the rate of decrease was solid overall and faster than the historical average.
Subsequently, the data suggested that the latest uptick in factory orders was fueled by domestic demand. Nonetheless, the overall rise in total new business translated into a further expansion in production. Moreover, the rate of growth quickened from August's 12-month low.
