TOKYO -- Business conditions at Philippines' manufacturing companies improved further in December, but at a slower pace, supported by expansions in both output and new orders. Purchasing activity grew and employment increased at the quickest rate in four months.
The Nikkei Philippines Manufacturing Purchasing Managers' Index, or PMI, fell from 54.2 in November to 53.2 in December, signaling a solid improvement in the health of the sector. Nonetheless, the quarterly PMI average in the three months to December was the strongest for the year.
"Encouraging was a notable waning in input cost inflation to the weakest seen in over two years. Likely helped by the fall in oil prices, firms also reported an easing of recent cost pressures such as the exchange rate and the Tax Reform for Acceleration and Inclusion Act (TRAIN) laws," said David Owen, economist at IHS.
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