Manufacturing growth eased in June

The Philippines’ purchasing managers index, a gauge of the strength of the manufacturing and service sectors, declined to 50.9 in June from 52.2 in May and 53.8 a year ago, S&P Global said Monday.

Rizal Commercial Banking Corp. chief economist Michael Ricafort said the decline could be attributed to higher interest rates locally and globally amid elevated inflation.

Despite the slowdown, PMI still hovered above 50 for 22 straight months since September 2021.