MANILA, Sept. 1 (Xinhua) -- Philippine manufacturing activity accelerated sharply in August, with the purchasing managers' index (PMI) climbing to 54.9 from 51.8 in July, its strongest reading since December 2016, local media reported on Tuesday.
Output growth hit its fastest pace since 2016, supported by stronger demand and improved production efficiency. New orders rose at the fastest rate in six months, while export orders increased for the first time in six months, according to S&P Global.
According to the Manila Bulletin on Tuesday, manufacturers in the Philippines stepped up hiring and purchasing to meet higher production needs. The pace of job creation was the strongest in 21 months, while purchasing activity expanded at a six-month high.
Cost pressures eased despite higher expenses for energy, raw materials and logistics. Business confidence also rose to its highest level since November 2024, with firms expecting higher output over the next year. ■