MANILA (Philippine Daily Inquirer/ANN): Manufacturing in the Philippines shrank to its lowest level in April, the height of the enhanced community quarantine (ECQ) imposed in Luzon and other parts of the country to contain the spread of Covid-19.
The latest manufacturing purchasing managers’ index released by London-based global information provider IHS Markit Ltd. on Monday showed that last month’s PMI further slid to 31.6—a record low.
IHS Markit collected data on April 7 to 23 amid the lockdown that stopped manufacturing of nonessential goods due to physical distancing restrictions. “Lockdown measures were extended throughout April, leaving most firms unable to operate at normal capacity. Production levels thus collapsed, with the rate of contraction by far the quickest since the series began in January 2016, ” IHS Markit said.
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