The local stock index on Tuesday extended its winning streak for the fifth session, tracking an upbeat sentiment on Wall Street, to set a new peak for this year ahead of the release of the country’s second quarter gross domestic product (GDP) report.
By Doris C. Dumlao
The local stock barometer extended its winning streak for the fifth session on Tuesday, tracking an upbeat sentiment in Wall Street to set a new peak for this year ahead of the Philippines’ second quarter economic data report.
Economic managers are confident that the second quarter marked a return to growth upwards of 7 percent amid a surge in state spending and private investment to complement the country’s traditionally strong consumption sector.
By Paolo G. Montecillo
Second quarter economic growth likely recovered to around 7 percent, the Department of Finance (DOF) said, marking the return of the Philippines as one of Asia’s best performers after a disappointing showing at the start of the year.
Trade Secretary Gregory L. Domingo said he expected the Philippine economy to grow at a slower pace this year as the worsening congestion at the Port of Manila continued to make a significant dent on business operations.