News

Philippine economy grew 7% in second quarter

MANILA, Philippines – Officials say the Philippine economy grew 7 per cent in the second quarter from the same period last year, the fastest quarterly growth in three years. Expansion in the services industry, investments and election-year spending boosted growth.

The number brought first-half gross domestic product growth to 6.9 per cent from a year ago. Last year, the economy grew 5.9 per cent in the second quarter and 5.5 per cent in the first six months.

Economic Planning Secretary Ernesto Pernia said Thursday that the growth provides “an upbeat start” for the administration of President Rodrigo Duterte, who took office June 30. He says it increases the probability of attaining the full-year target of 6 to 7 per cent growth.

The economy has grown by an annual average of 6.2 per cent over the last six years.