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Economy

Philippines manufacturing PMI inches up in September

TOKYO -- The Nikkei Philippines Manufacturing Purchasing Managers' Index, or PMI, edged up in September, indicating the continued subdued growth of the manufacturing economy.

The composite indicator of manufacturing performance stood at 50.8 in September, up slightly from 50.6 in August.

A reading above 50 indicates economic expansion, while a reading below 50 points toward contraction.

"The Philippines manufacturing economy ended the third quarter on a weak note," said Bernard Aw, economist at IHS Markit, which compiles the survey.

"The weak peso continued to pose a problem for manufacturers. Not only did the cheaper currency fail to provide a boost to exports, it raised the costs of imports," he noted.

(Nikkei)

For more information, visit:

http://www.markiteconomics.com/Survey/Page.mvc/PressReleases

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