Citing PSA data, Rajiv Biswas, Asia-Pacific chief economist at IHS Markit, noted the strong gains in manufacturing output were led by a 94.9 percent rise in petroleum products output reflecting the doubling of current world oil prices from early 2016. Biswas noted that the latest Nikkei Philippines Manufacturing Purchasing Managers Index produced by IHS Markit was at 53.3 in April, a robust pace of manufacturing output expansion with strong new orders. “Notably, output of electrical machinery, which fell by 4.4 percent year-on-year in value terms and by 3.6 percent in volume terms. Output of textiles also fell sharply in March, dropping by 37 percent year-on-year in value terms and by 33.6 percent year-on-year in volume terms,” Biswas said. Dumalagan said manufacturing output is expected to grow in double-digit terms in April 2017.

Source: Manila Times May 10, 2017 17:48 UTC