The manufacturing sector in the Philippines continued to expand in February, and at a faster pace, the latest survey from S&P Global revealed on Monday with a Purchasing Manager Index score of 54.6.
That’s up from 52.9 in January and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.
Driving the rise in the headline index was a stronger expansion in output in February. Manufacturing companies in the Philippines noted that sustained growth in new orders led them to increase their production levels. Output increased for a second month running, with the latest uptick in fact the fastest since November 2018.
Similar to production, the latest rise in order book volumes across the Filipino manufacturing sector was strong, with the pace of increase accelerating on the month. The respective seasonally adjusted index hit the highest level in just over eight years.
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