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The Philippine manufacturing sector grew at a slower pace in May as firms struggled to maintain their workforce while charges continued to rise, results of the latest survey conducted by S&P Global released on Monday showed.The headline S&P Global Philippines Manufacturing PMI stood at 51.9 in May, lower than the five-month high of 52.2 in April. A reading above the 50.0 threshold indicates an expansion, while levels below indicate a contraction.
However, charges continued to rise, indicating that firms wished to maintain and build their margins,” she added.Job shedding was the fastest in nine months, which firms attributed to voluntary leavers, but backlogs continued to decline indicating that firms were still equipped to handle the continued increase in demand.Cost burdens dropped fractionally, marking the first drop since April 2020, as companies noted switching to more competitively priced suppliers.
Manufacturing Growth S&P Global Philippines Manufacturing Philippine Manufacturing PMI
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