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Philippines Manufacturing PMI Tumbles To 39.7

The manufacturing sector in the Philippines continued to contract in March, and at a faster rate, the latest survey from IHS Markit revealed on Wednesday with a record low manufacturing PMI score of 39.7.

That's down from 52.3 in February and it slips beneath the boom-or-bust line of 50 that separates expansion from contraction.

Individually, measures to prevent the spread of Covid-19 caused a large number of shutdowns.

Production fell sharply as both foreign and domestic demand dropped. Employment and input purchases fell at record rates.

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