Philippines' Manufacturing Activity Loses Momentum in March, S&P Global Says

MT Newswires Live04-01

The Philippines' manufacturing sector lost momentum in March as the war in the Middle East weighed on activity, S&P Global said in its monthly purchasing managers' index report Wednesday.

The S&P Global Philippines Manufacturing PMI ticked down to a

three-month low of 51.3 in March after settling at 54.6 in the month prior.

A reading over 50 indicates expansion in activity.

Filipino manufacturers were exposed to shocks in oil and fuel prices given the country's reliance on supply from the Gulf countries, leading to deterioration in vendor performance, S&P Global said.

Manufacturers saw a loss of momentum in new order growth during the month, stemming largely from customer uncertainty amid the war in the Middle East, according to the report.

"The duration and intensity of the war will directly impact the sector's trajectory in the coming months, as inflationary pressures constrain sales and pricing power," S&P Global Economist Maryam Baluch said.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment