“I am pleased to inform you that we remain as one of the best-performing economies in Asia,” Economic Planning Secretary Ernesto Pernia said in a speech to announce gross domestic product growth for the second quarter.
“We are well on track to meeting our full-year target growth of 6.5-7.5 percent,” he said, with the economy having expanded by 6.4 percent in the first half.
Industry was the main driver for April-June 2017, backed by expansion in manufacturing and mining, while the farm sector’s continued recovery from a dry spell also helped offset the slower growth in the vast services sector, Pernia said.
Among Asia’s major economies, the 6.5 percent second quarter growth was below only China’s 6.9 percent jump for the quarter, Pernia said.
Malaysia and Thailand, which have yet to release economic growth data for the period, were unlikely to announce higher figures than the Philippines, he added.
Duterte has largely left the running of the economy to experienced aides while focusing his efforts on the country’s security.
The research arm of Japan’s Nomura financial group said the second quarter data meant the Philippines was on course for a 6.7 percent growth this year.
Buoyant sentiment, sustained remittances by Filipinos working abroad, low inflation and falling unemployment numbers were key drivers, it said in a statement.
“We continue to expect government spending to accelerate given the administration’s strong push to implement public sector infrastructure projects and avoid past problems of underspending,” it added.(Agence France Presse)
