MANILA, Philippines — Philippine manufacturing conditions improved at the fastest pace in 13 months in February despite disruptions caused by the coronavirus disease 2019, according to the latest IHS Markit Philippines Manufacturing Purchasing Managers’ Index (PMI).
The headline PMI for manufacturing rose from 52.1 in January to 52.3 in February, the highest reading in 13 months.
This remains well-above expansionary territory as a reading below 50 indicates contraction.
The headline PMI provides a quick overview of the health of the manufacturing sector based on the weighted average of five indicators: new orders (30 percent weight), output (25 percent weight), job creation (20 percent), supplier delivery times (15 percent), and inventories (10 percent).
While responding purchasing managers reported supply chain disruptions related to COVID-19, this was offset by the sustained rise in new orders and growth in output.
Workloads from foreign markets also rose at a faster pace in February, with the pick-up in exports the strongest since July 2018.
To cope with increased demand and output, manufacturing firms hired more workers in February.
Read more: The Philippine Star
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