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.
