The country’s manufacturing sector continued to expand in June, albeit at a slower pace amid signs of weakening demand for the products as well as subdued hiring. | RonWDomingoINQ /PDI
Based on S&P Global’s latest monthly survey in the Philippines, overall growth in June was supported by continued expansion in production and factory orders. Even then, growth in both these factors was slower compared to May.
S&P’s PMI is a weighted average of five indices—30 percent based on new orders; 25 percent on output; 20 percent on employment; 15 percent on supplier delivery times; and 10 percent on stock purchases. Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the latest improvement in the Philippine PMI eased as exports as well as imports declined.
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