Factory output in May experienced a significant growth of 8.1%, compared to a contraction of 0.6% in the same month last year. This growth was primarily driven by an increase in the production of electrical equipment and a decline in input costs. The Philippine Statistics Authority’s Monthly Integrated Survey of Selected Industries also reported that the output volume increase improved from 7.7% in the previous month.
The manufacture of electrical equipment saw a surge of 53.7% in May, up from 19.2% in April. This sector alone contributed to 27% of the overall increase in factory output. Additional contributors to the growth were the slower decline in the manufacture of chemicals and chemical products, as well as the turnaround in the manufacture of beverages.
In May, the S&P Global Philippine Manufacturing PMI (purchasing managers index) reached its highest point in eight months at 51.4. This increase was mainly due to the expansion of new orders and production rates. A PMI above 50 indicates an overall increase, while a PMI below 50 indicates a decrease.
S&P Global stated that the manufacturing sector has been experiencing consistent growth, with the PMI remaining above 50 for the 16th consecutive month. May’s PMI data also showed an improvement in operating conditions and an increase in workforce, marking the first growth in four months.
—Ronnel W. Domingo
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
Denial of responsibility! Samachar Central is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
