PH production PMI eases in July ‘17

The country was followed by Vietnam with production PMI of 51.7 in the same month. (pna photo)

MANILA, Aug. 1— IHS Markit’s Nikkei Manufacturing Purchasing Managers’ Index (PMI) for July this year eased to 52.8 from 53.9 in June.

In a report released by IHS Markit Tuesday, manufacturing PMI last month remained solid, however output and new orders were slower than June.

“The Philippines manufacturing economy started the third quarter on a softer note but the slowdown is likely to be short-lived,” IHS Markit economist Bernard Aw said.

It was noted that there was a pullback in overseas demand from June, and new exports orders rising at the weakest pace since February this year.

Moreover, Aw noted that surveyed companies expressed concerns to the situation in Mindanao as it affected their sales.

“Surveyed firms mentioned that the Mindanao crisis had affected sales,” he said.

“Nonetheless, the outlook for the manufacturing sector remains optimistic, driven by buoyant business confidence and strong sales volumes,” Aw said.

Meanwhile, the Philippines has still topped other surveyed ASEAN countries in IHS Markit’s Nikkei Manufacturing PMI report for July 2017.

The country was followed by Vietnam with production PMI of 51.7 in the same month.

Indices above 50 signal improvement in business conditions.

Other ASEAN countries like Thailand, Myanmar, Indonesia, Malaysia, and Singapore had readings below 50, which means the industry signaled deterioration. (PNA)