Economy grows 6.5% in 2nd quarter

The Philippine economy accelerated 6.5 percent in the second quarter of 2017, making it still one of the best-performing economies in Asia.

Last quarter’s growth followed China’s 6.9-percent growth, but overtaken Vietnam’s 6.2 percent and Indonesia’s 5-percent growth rates during the period.

“We are well on track to meeting our full-year target growth of 6.5 to 7.5 percent,” said Socioeconomic Planning Secretary Ernesto Pernia in a press briefing at Luxent Hotel in Quezon City.

The Philippine Statistics Authority reported that industry recorded the fastest growth at 7.3 percent.

Services slowed down to 6.1 percent in the second quarter compared with its 8.2-percent growth during the same period last year.

Agriculture recovered with 6.3-percent growth from 2-percent decline in the previous year.
April to June quarter figure brought the gross domestic product growth for the first semester to 6.4 percent.