TOKYO -- The Philippines manufacturing sector saw a moderate improvement in business conditions in January, according to the survey. Output grew solidly but at the softest pace in four months. New order growth remained sharp, but export demand fell for the fifth month running.
The Nikkei Philippines Manufacturing Purchasing Managers' Index, or PMI, fell from 53.2 in December to 52.3 in January, indicating a modest advancement. This was the lowest reading since September and markedly weaker than the survey average.
"Export orders fell for the fifth month in a row, as China, their top export destination, reported slower growth during 2018. This news may add to fears that exports could slow even further in the first quarter. Nevertheless, strength in the domestic market should carry the industry through a potentially turbulent period," said David Owen, economist at HIS Markit.
For more information, visit here.