PH manufacturing score hits 7-month high in October

According to London-based firm IHS Markit, the Philippines’ manufacturing purchasing managers’ index (PMI) rose to 51; a score above 50 means there is positive growth in the sector. Furthermore, IHS Markit economist Shreeya Patel stated that the Philippine manufacturing sector is expected to grow 19.1% this year after a huge contraction in 2020. Manufacturers’ confidence in business is also at a three-month high, with expectations of better demand both locally and internationally in the coming months. Nevertheless, according to Patel, logistical delays must still be considered, as well as the shortage and continuously rising cost of raw materials.

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