THE Philippine Manufacturing Purchasing Managers’ Index (PMI) was unchanged at 52.5 in February. REUTERS
MANUFACTURING ACTIVITY in the Philippines remained in expansionary mode for a second straight month in February, as demand picked up with the reopening of more businesses, a survey conducted by IHS Markit showed.
The Philippine Manufacturing Purchasing Managers’ Index (PMI) in February was unchanged at 52.5, and remained above the neutral 50 mark that separates growth from contraction.
The latest PMI reading was the highest in more than two years or since the 53.2 logged in December 2018.
“Latest PMI data shows further progress across the Filipino manufacturing sector, with another solid overall expansion recorded during February. Output and new order growth persisted, whilst an acceleration in pre-production inventories suggests a commitment towards greater production in the months ahead,” IHS Markit Economist Shreeya Patel said in a statement.
Published February 2, 2021, 5:00 AM
Trade and Industry Secretary Ramon Lopez said the latest manufacturing index bodes well for the economy as he cited efforts in the cold chain and copper industries development as crucial pillars that will strengthen the country’s supply value chain.
The Philippine Manufacturing Purchasing Managers’ Index (PMI) increased to 52.5 in January from 49.2 the previous month, above the 50.0 neutral mark separating expansion from contraction. January PMI data is the highest in 25 months, even prior to the pandemic, signaling improving manufacturing conditions and indicating the start of recovery of the sector.
Trade and Industry Secretary Ramon Lopez. (ALFRED FRIAS/PRESIDENTIAL PHOTO FILE PHOTO)