Manufacturing conditions in the Philippines have rebounded towards the end of the second quarter, the IHS Markit Philippines Manufacturing Purchasing Managers’ Index reported.
The manufacturing index for June settled at 50.8 from 49.9 in May. Scores above 50 indicate improvement of the sector and lower than 50 reflect deterioration.
An IHS Markit economist said, “June data highlighted a partial rebound in the Filipino manufacturing sector following two consecutive months of contraction seen at the start of the second quarter.”
He added that declines in output, new orders, and employment eased in June while exports rose sharply.
The IHS Markit reported that demand for Philippine-produced goods grew for two straight months, with a growth rate last month stronger than the historical average.
However, IHS Markit added that higher costs of transportation and raw materials led to increasing input prices last month.