ECONOMY | Staff Reporter, Philippines

Philippine PMI inches up to 50.8 in September

It was the second weakest in recorded history.

Slower growth in Philippine manufacturing persisted as overall Purchasing Managers' Index (PMI) rose only to 50.8 in September from 50.6 in August, the second lowest in survey history.

According to IHS Markit, order book gains continued to underwhelm despite growth in exports, which weigh on hiring.

However, business optimism remains up and encouraged companies to step up purchasing activity in view of future higher sales.

Cost pressures also went up, causing companies to hike prices in order to protect their margins.

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