Philippine manufacturing growth slowed to a seven-month low in March as raw material shortages and delivery delays drove operating costs higher, results of the latest survey conducted by S&P Global revealed.
Philippine manufacturing growth slowed to a seven-month low in March as raw material shortages and delivery delays drove operating costs higher, results of the latest survey conducted by S&P Global revealed.
“[O]perating conditions improved at the slowest pace in seven months, partly due to the softer rise in production and stocks of purchases, and with a second month of job shedding weighing on the headline index,” S&P Global Market Intelligence Economist Maryam Baluch said in a commentary. “The first quarter of 2023 concluded on a solid note, with a further expansion reported across the Filipino manufacturing sector, according to the latest PMI data,” Baluch said.
The survey found that local manufacturers remained generally optimistic as over half of the respondents expect output growth in the coming year, but the degree of confidence fell below the historical trend.
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