MANILA, Philippines – Socioeconomic Planning Secretary Ernesto Pernia revealed that the Philippines remains the second fastest-growing economy in the 2nd Quarter for the year 2016, by raising 7% from the start of the year, followed by China, among the major Asian emerging economics.
The latest gross domestic product (GDP) figure announced by Socioeconomic Planning Secretary Ernesto Pernia on Thursday, August 18, builds on the 6.8% growth recorded in the first 3 months of the year, which made the Philippines the fastest growing economy in the region.
The government earlier recorded the first quarter economic growth at 6.9%, but the Philippine Statistics Authority later revised it to 6.8%.
Thursday’s announcement of the 7% growth fell within market expectation of growth between 6.5% and 7%.
According to Pernia, among the major Asian emerging economies, the Philippines likely remains the fastest or second fastest-growing economy in the second quarter of 2016, followed by China, which grew by 6.7%, Vietnam by 5.6%, Indonesia by 5.2%, Malaysia by 4.0%, and Thailand by 3.5.
Data for India is not yet available but some forecasts put it above 7%, according to him.
The latest figures give government confidence that it would be able to hit the official government target of 7-8% for the entire year of 2016, Pernia said.
The industry and services factors drove the high growth record for the Q2 of 2016, wherein the service hit 8.4% growth, while the industry sector hit 8.4%.
