That increase in demand and activity came despite firms raising prices at the fastest rate in five months, in welcome news for policymakers at the European Central Bank, which look set to announce a reduction of its asset-buying programme soon.
"I still expect Philippine manufacturing to grow in 2017, especially as more and more investments are anticipated from the government's thrust of increasing infrastructure spending plus the impact of further tax reform when corporate taxes are eventually adjusted to be comparable regionally", added Mr. Dumalagan. Evidently, there were sufficient resources to enable a timely completion of unfinished business, with backlogs decreasing for the fourth consecutive month. Reflecting higher cost burdens, firms raised their charges again in September. The upswing in purchasing costs was linked to rising commodity prices, the exchange rate and supply chain constraints. BlackRock Inc. now owns 20,763,308 shares of the business services provider's stock worth $914,415,000 after purchasing an additional 10,593,627 shares in the last quarter.More news: Saturday Night Live Returns Returns With Takedown of Trump's Puerto Rico Response
Suppliers' delivery times continued to lengthen, albeit to the least extent in the current eight-month sequence of longer lead times. As a result, the stocks of finished goods decreased for the third month running, and to the greatest extent since July 2016.
The degree of confidence towards the 12-month outlook for output eased to the weakest level since December 2012, but firms remained optimistic overall. Panellists commented on planned expansions and expected improvements in market demand.More news: Brendan Rodgers senses landmark in Celtic's dominant win over Anderlecht
A reading above 50 indicates economic expansion, while one below 50 points means the contraction of the manufacturing sector. "The recovery is also looking increasingly broad-based, with rising demand across the region lifting all boats", said Chris Williamson, chief business economist at IHS Markit. Moreover, there was a renewed decline in new export orders.
"Subdued growth of the Philippines manufacturing economy persisted at the end of the third quarter, as output expansion slowed further", the report read.More news: Aaron Jones & Jamaal Williams Fantasy: The Complicated Packers Backfield
IHS Markit Ltd., formerly Markit Ltd., is a provider of critical information and analytics for the major industries, financial markets and governments.