The manufacturing sector in the Philippines saw a contraction in August, ending a two-year period of expansion, according to S&P Global. The country’s purchasing managers index (PMI) dropped to 49.7 in August, indicating a decrease in overall business activity. However, the decline was considered minimal compared to the previous month’s reading of 51.9. The survey also revealed that new orders fell for the first time in a year, leading to a decrease in output growth. The workforce in the sector also experienced further reductions, with resignations and nonrenewal of employment contracts contributing to the decline.
Despite the contraction, many companies in the manufacturing sector are preparing for the annual fourth-quarter sales boom. S&P Global Market Intelligence economist Maryam Baluch stated that while the growth period has come to an end, businesses are anticipating increased sales in the coming months and have raised their buying activity and stocks in August. The overall job shedding rate was moderate but reached its highest point in 23 months.+
—RONNEL W. DOMINGO
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