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