The manufacturing sector in the Philippines continued to expand in March, albeit at a slower pace, the latest survey from S&P Global revealed on Monday with a manufacturing PMI score of 52.5.
That's down from 52.7 in February although it remains above the boom-or-bust line of 50 that separates expansion from contraction.
Driving growth was a further expansion in output, which rose for the seventh consecutive month. The upturn in production was largely underpinned by the strong upturn in new orders. Firms noted that a stronger demand environment, new projects and a broader clientele helped boost sales.
That said, foreign demand increased at a slower pace, with March data indicating only a fractional uptick in new business from abroad and suggesting that domestic demand propelled total new sales growth in the manufacturing sector.
