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MANILA, Philippines - Philippine manufacturing activity in March grew at its fastest pace in 16 months.
In the latest report of the Philippine Institute of Supply Management, the purchasing managers' index (PMI) for manufacturing climbed 4.66 points from February to 58.14 last month, its highest since November 2010 when the world economy was rousing from the worst global financial crisis since the Depression.
An index above 50 represents growth, while a figure below indicates contraction.
Last month's reading is also the highest so far this year.
Of the five sub-indices comprising the PMI, four - new orders, production, supplier deliveries and inventories - rose month-on-month. Only employment registered a drop of 4.07 index points from the February reading.
Two out of the 12 manufacturing sectors - basic metals and communication/medical equipment - suffered a contraction in business activity.
Of the 327 respondents to the survey conducted by Ascend, 58 percent said business activity was unchanged. Thirty-five percent said conditions improved, while eight percent reported a decline.
The PMI for the retail/wholesale industry, as well as for the services industry also registered month-on-month increases of 4.23 and 2.6 index points to 60.35 and 64.7, respectively.
All sub-indices making up the retail/wholesale PMI - purchases, sales revenue, employment, supplier deliveries and inventories - registered month-on-month increases.
For the services PMI, five of the six sub-indices - business activity, new orders, outstanding business, price charge and average operating costs - rose, while the sixth, employment, fell.
Of the 12 sectors in services, only real estate suffered slower growth.
Ascend conducted the survey among purchasing managers in the final week of March.
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