Philippines manufacturing PMI slows to 53.3 in April
TOKYO -- The Nikkei Philippines Manufacturing Purchasing Managers' Index, or PMI, fell to 53.3 in April from 53.8 in March.
A reading above 50 indicates economic expansion, while a reading below 50 points toward contraction.
"The domestic market continued to be the key driver of manufacturing growth, with foreign demand for Filipino manufacturers rising only modestly despite depreciation of the peso," said Bernard Aw at IHS Markit, which compiles the survey.
"Reports of increased construction activity alongside greater public infrastructure spending are expected to support the manufacturing industry in the coming months," he added.
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