FACTORY ACTIVITY in the Philippines unexpectedly contracted for the first time in 19 months in March, as manufacturers cut output amid uncertainty surrounding US tariff policies.
The S&P Global Philippine Manufacturing Purchasing Managers’ Index (PMI) came in at 49.4, slipping from the 51 reading in February.
March marked the first time that PMI, a closely monitored gauge of economic sentiment, fell below the neutral 50 level since August 2023. It also ended 18 straight months of growth.
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