The manufacturing sector in the Philippines continued to expand in March, and at a faster pace, the latest survey from S&P Global showed on Friday with a manufacturing PMI score of 53.2.
That’s up from 52.8 in February and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.
Latest survey data linked the easing pandemic restrictions earlier in the year to expansions in both new orders and output during March. In both cases, expansions were solid overall and above their respective long-run series averages. Indeed, the demand for Filipino goods rose at the joint fastest pace since July 2019, matching that seen in February.
However, internationally the picture was negative. New export orders received by Filipino manufacturers declined in March, after expanding for the first time in seven months in February. The pandemic was a recurring reason for the latest downturn, although underlying demand conditions in external markets were reportedly subdued.