Local factory growth hits four-month high

Philippine manufacturing output climbed for the third-straight month in August, marking its fastest growth in four months.

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The latest S&P Global Philippines manufacturing purchasing managers' index (PMI) survey released on Monday, Sept. 1, showed that Philippine PMI—a composite measure of manufacturing performance—stood at 50.8 in August, slightly below July's 50.9 and broadly in line with levels recorded since June.

"The headline figure indicated a further improvement in health of the Filipino manufacturing sector, but one that was historically subdued and only marginal overall," it noted.

The S&P Global report showed that domestic manufacturing continued to grow last month, as the pace of new order expansion remained steady from the previous month.