By Justine Irish D. Tabile, Senior Reporter
PHILIPPINE FACTORY activity contracted for the first time in five months in April amid a sharp decline in new orders, S&P Global said on Monday.
The S&P Global Philippines Manufacturing Purchasing Managers’ Index (PMI) slumped to 48.3, a reversal from 51.3 in March, reflecting a “moderate deterioration in operating conditions.”
A PMI reading below 50 shows a deterioration in operating conditions from the previous month, while a reading above 50 signals an improvement.
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