FX.co ★ Philippines Manufacturing Output Growth Picks Up in August

Manufacturing production in the Philippines rose by 10.8% year-on-year in August, quickening from an upwardly revised 9.9% increase in July. The strongest boost came from the manufacture of computer, electronic, and optical products, which surged 30.1% (up from 15.8%) and accounted for 57.3% of the overall acceleration in the annual growth rate. Other key contributors were transport equipment (11.5% vs 4.9%), basic metals (27.2% vs 23.9%), rubber and plastic products (15.0% vs 9.9%), electrical equipment (10.9% vs 2.9%), and beverages (4.2% vs 3.6%). In contrast, growth eased in the manufacture of coke and refined petroleum products (24.7% vs 47.6%) and food products (1.3% vs 2.6%). Over the January–August period, manufacturing output was 9.3% higher than in the same period a year earlier.