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A gauge of manufacturing activities in the Philippines climbed to a seven-month high in October, which augurs well for the fourth-quarter economic performance.
PMI is a survey-based economic indicator designed to provide a timely insight into changing business conditions in the goods-producing sector. “Resuming the expansion mode that has been ongoing for nearly all months since September 2021 , the Philippines defied the manufacturing PMI contraction mode in other developed countries in recent months,” Rizal Commercial Banking Corp. chief economist Michael Ricafort said in a report Friday.
“Better weather conditions in October 2023 and the end of the ghost month since mid-September 2023 also supported the pickup in manufacturing and overall business/economic activities in the country,” Ricafort said.
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