03.10.201602:06:00UTC+00Philippine Manufacturing Growth At Record High

Philippine's factory activity expanded at a record pace in September, driven by stronger rises in output and new orders, survey figures from Markit Economics showed Monday.

The Nikkei Manufacturing Purchasing Managers' Index, or PMI, climbed to 57.5 in September from 55.3 in August. Any reading above 50 indicates expansion in the sector.

Moreover, the rate of growth was the sharpest since data collection began in January this year.

New orders grew at the fastest pace in this year so far. Higher new orders led to another solid expansion in manufacturing output during September.

Consequently, firms lifter their staffing numbers in September in an attempt to enhance operating capacity.

On the price front, input price inflation accelerated fractionally in September. Output price inflation followed a similar trend.