TOKYO -- The Philippines manufacturing sector showed marginal improvement in April, with weakest rate of production growth in over one and a half years, according to a survey.
The Nikkei Philippines Manufacturing Purchasing Managers' Index, or PMI, fell to 50.9 in April from 51.5 in March. It was the lowest reading for nine months. Readings above 50 point to expansion, while those below 50 indicate contraction.
Output growth slowed to the least market for 19 months. Many companies curtailed output or stopped production due to a lack of raw materials. Export orders fell due to lack of overseas client demand.
"With the national election during May, production growth may be stifled again in the next survey," said David Owen, Economist at IHS Markit which compiles the survey.
"There was some positive news from the survey as firms reported an alleviation of import delays due to the recent port congestion at Manila," leading to improvement in supplier delivery times, Owen added.
(Nikkei)
For more information, visit IHS Markit website.
