PHILIPPINE factory activity contracted in September, showing a deterioration for the first time since April, due to a surge in oil prices and weak demand.
The S&P Global Philippines Manufacturing Purchasing Managers’ Index (PMI) fell to 49.6 in September from 54.9 in August. This was the first contraction in five months or since the 48.3 in April.
A PMI reading below 50 shows a deterioration in operating conditions from the previous month, while a reading above 50 signals an improvement.
“Filipino manufacturers reported a notable impact from high oil prices, strong international competition and weak demand during September. Output, new orders and employment all dropped into contractionary territory,” Siân Jones, principal economist at S&P Global Market Intelligence, said in a report.
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