The Nikkei Philippines Manufacturing Purchasing Managers’ Index, or PMI, rose to 53.6 in February from 52.7 in January, marking the end of a four-month slowdown in growth.
A reading above 50 indicates economic expansion, while a reading below 50 points toward contraction.
A further deceleration in output growth was offset by faster expansions in new orders, employment and stocks of purchases, said IHS Markit, which compiles the survey.
“The Philippines manufacturing industry gathered growth momentum in February, underpinned by domestic demand, after a marked slowdown at the start of the year,” said Bernard Aw at IHS Markit.
“Despite facing shortages for certain commodities and a weakening local currency, business confidence in the Philippines manufacturing economy remained elevated. Strong market demand, new product launches, and planned capital investments were key reasons cited by survey participants for the optimism” he said.
Source: Nikkei Image: Bank Image