Philippine manufacturing growth slows to two-month low in August

Philippine manufacturing activity expanded in August but at its slowest pace in two months, with the S&P Global Philippines Manufacturing PMI at 50.8, down from 50.9 in July.

This marks the lowest PMI reading since June's 50.7, indicating muted growth in output and new orders.

Despite the slowdown, manufacturing output increased for the third consecutive month, reaching its fastest rate in four months, driven by new customer acquisitions and improved demand.

Foreign demand also contributed to the growth in output, with the Philippines having the third-highest PMI reading among select ASEAN members.

Employment in the sector remained stable, ending a two-month period of job growth, which led to the fastest accumulation of work backlogs in six months.

The subdued performance is partly attributed to the impact of higher US tariffs.