Philippine manufacturing output rises for 14th straight month
International Business News – Preliminary data from the Philippine Statistics Authority showed that in May, the Philippine manufacturing output index increased by 1.9% year-on-year, higher than the 1.2% increase in April, and was the 14th consecutive month of growth; the manufacturing purchasing managers index was 54.1, compared with 4 monthly decline of 0.2, the fourth consecutive month above the line of prosperity and decline. In terms of different industries, 14 of the 22 industrial categories achieved output growth, while the output of 8 industrial categories including electronic equipment decreased. In the month, the Philippine capacity utilization rate reached 70.7%, a month-on-month increase of 1.3 percentage points.
Economists from ING Bank and the Philippine Chamber of Commerce and Industry all believe that the reopening of the economy is the main reason for the recovery of the manufacturing industry. Since March, Manila and surrounding areas have implemented the most relaxed quarantine policies during the epidemic.