Philippine factory activity edges up in June

MANILA, Philippines – Philippine factory activity grew in June as stronger demand boosted new orders and revived purchasing, despite weaker business optimism.

S&P Global said Wednesday the country’s Manufacturing Purchasing Managers’ Index (PMI) edged up to 50.9 in June from 50.8 in May. This marked the second straight month the index stayed above the 50-point threshold separating expansion from contraction.

READ: PH manufacturing activity rebounds in May

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“Manufacturing conditions in the Philippines continued to improve in June, building on the tentative recovery observed in May as the sector regained footing following disruptions linked to the war in the Middle East,” S&P Global economist Maryam Baluch said.

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Growth in new orders and output drove June’s PMI, resulted in manufacturers buying more raw materials and semi-finished goods while keeping inventories.

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However, export orders and output growth eased, limiting the overall improvement in the index.

Meanwhile, business confidence fell to a five-month low, suggesting manufacturers remained cautious despite easing inflationary pressures. /pai INQ

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