Preliminary results of the Philippine Statistics Authority’s (PSA) latest Monthly Integrated Survey of Selected Industries, showed factory output — as measured by the Volume of Production index — contracting by 4% year on year in May versus the revised 14.3% decline in April and the 13% growth in May 2018.
In comparison, the Nikkei Philippines Manufacturing Purchasing Managers’ Index (PMI) increased that month to 51.2 from April’s 50.9, but slower than last year’s 53.7.
A reading above 50 signals improvement in business conditions from the preceding month, while a score below that point indicates deterioration.
Average capacity utilization — the extent by which industry resources are used in the production of goods — was estimated at 84.4%. Eleven of the 20 sectors registered capacity utilization rates of at least 80%. – Mark T. Amoguis