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MANILA, Philippines – A pickup in domestic demand helped lift Philippine manufacturing activity back to growth territory in May, but the gains remained subdued as firms continued to grapple with supply-chain disruptions and rising costs amid the Middle East war.
The country’s Purchasing Managers’ Index (PMI), a widely watched gauge of manufacturing health, rose to 50.8 in May from 48.3 in April, according to data released by S&P Global on Monday.
The latest reading pushed the sector back above the 50-point threshold that separates expansion from contraction.
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