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Philippines Manufacturing PMI Continues To Rise In February 2024

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Philippines Manufacturing PMI Continues To Rise In February 2024

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The Philippines manufacturing purchasing managers index (PMI) for February 2024 continued to post improvement, the S&P Global reported Friday.

S&P Global said the country’s manufacturing score in February was at 51, better than January 2024’s index of 50.9.

The country’s manufacturing PMI last month was also better than the regional score of 50.4.

S&P Global Market Intelligence economist Maryam Baluch said the country’s manufacturing score last month improved on the fresh rise in employment and sustained growth in manufacturing activity.

The S&P said new orders rose last month compared to the start of the year, signaling that demand conditions have improved.

On the other hand, the slowdown in the performance of factories last month was due to continued pressures on supply chains, raw materials shortage, and higher input costs and output charges.

“These concerns also clouded sentiment, with confidence for the year ahead weakening,” Baluch said. (PNA)