AFTER a hint of recovery in June, the performance of the country’s manufacturing sector continued to slip to another three-month low in August as travel and movement restrictions were reimposed at the beginning of the month.
In a report on Tuesday, IHS Markit said the Philippines’s Purchasing Managers’ Index (PMI) decelerated back to 47.3 in August from July’s 48.4 and from being near the 50-point growth threshold at 49.7 in June.
The PMI is a composite index aimed to gauge the health of the country’s manufacturing sector. It is calculated as a weighted average of five individual subcomponents. Readings below 50 show deterioration in the industry, while readings above the 50 threshold signal a growth in the manufacturing sector.
Across Asean, the Philippines ranked fourth out of seven countries being monitored for their manufacturing sector. Myanmar’s headline figure was the strongest during the month with a PMI of 53.2, followed