PHILIPPINE FACTORIES posted their worst performance in 23 months after output fell by 0.8% in March, according to the local statistics agency.
This was a reversal of the 7.2% growth in February, based on the results of the Philippine Statistics Authority’s (PSA) Monthly Integrated Survey of Selected Industries. Factory output rose by 6% in March last year.
Robert Dan J. Roces, chief economist at Security Bank Corp., blamed rising material costs and softening domestic demand for the plunge in the output as measured by the volume of production index.
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