Philippine factories pick up production in JulyMANILA, Philippines — Local factories managed to eke out output growth in July, fueled by improving demand for Filipino goods, as purchasing activity hits its fastest pace since the start of 2023. “Continued improvement in the underlying demand picture helped drive the latest upturn, with both production and new orders recording stronger rates of expansion,” she said. The recovery in production in July wasn’t confined to orders, as output growth picked up after easing to a 10-month low back in June. Local factories witnessed average lead times extended for the second straight month, while deliveries hit their worst pace since December 2022. Nicholas Antonio Mapa, senior economist at ING Bank in Manila, said the latest outturn showed signs of recovery for local factories.

Source: Philippine Star August 01, 2023 14:47 UTC