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ASEAN Manufacturing Growth Slows to Nine-Month Low in April, S&P Global Says

ASEAN's manufacturing sector expanded at a slower pace in April, with growth easing to a nine-month low as price pressures intensified, according to data released by S&P Global on Tuesday.The S&P Global ASEAN Manufacturing Purchasing Managers' Index fell to 50.7 in April from 51.8 in March, marking the weakest reading since July but extending the current expansion streak to nine months.New order growth slowed to an eight-month low, while production growth eased further and moved close to stagnation. New export orders declined for a second straight month at the fastest pace since last July.Firms cut employment for the first time in eight months, while purchasing activity increased.On the price front, input cost inflation surged to its highest level since March 2022, while output prices rose at the fastest pace in 49 months, reflecting stronger cost pass-through by firms.Despite challenges and weak historical levels, business confidence stayed positive in April, with manufacturers expecting production to grow over the next year, the report said.

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Philippines' Inflation Jumps 7.2% in April

The Philippines' inflation in April grew in its fastest pace in three years as the Middle East conflict weighed heavily on the price of basic commodities, especially crude oil.The headline consumer price index jumped 7.2% year on year, according to data published by the Philippine Statistics Authority on Tuesday. CPI grew 4.1% in March and 1.4% in April 2025.The current CPI beat estimates of between 5.6% and 6.4% from analysts surveyed by Bloomberg and from the country's central bank, the Bangko Sentral ng Pilipinas. ING's forecast of a 5% CPI growth was not close enough to the current figures.The inflation hike was attributed to the price of oil spiking amid the Middle East conflict, as well as a rise food, energy and transportation.The PSA said the transport index jumped 21.4% from 9.9% in March, while utilities, housing and other fuels climbed month on month to 8.2% from 4.7%. The food and non-alcoholic beverages increased 6% from 2.9%.Arsenio Balisacan, the secretary of the Department of Economy, Planning, and Development, said the Department of Energy is looking for alternative energy sources to ensure a stable supple of fuel amid the war in Iran, the Philippines News Agency said."Amid the Middle East conflict disrupting fuel supply chains, the government is intensifying targeted interventions, particularly to temper upward price pressures on food, energy, and transport, while ensuring the continued stability of domestic supply," Balisacan said.Analysts expect that the BSP will hike key rates to catch up with the high inflation. Benchmark rates were increased by a quarter point to 4.5% in April.Bank of the Philippine Islands economist Emilio Neri Jr. said the central bank may raise rates by over the usual 25 basis points. Meanwhile, Rizal Commercial Banking Corp's chief economist, Michael Ricafort, said the BSP may be forced to increase rates by 50 basis points, according to a Bloomberg News report.The BSP is set to meet in June, the report said.