Photo from National Statistical Coordination Board
MANILA, Philippines–The Philippine economy posted a 6.4 percent growth in the second quarter, making the country the second fastest growing economy in the Asian region after China, the National Economic Development Authority (Neda) said Thursday.
The second quarter growth was higher than the 5.3 percent growth posted during first quarter of 2014.
The recorded growth was driven by the growth of the industry and services sectors, which grew by 7.8 percent and 6.0 percent, respectively.
The 10 percent growth in the manufacturing sector mainly contributed to the growth of the industry sector. On the other hand, Neda said that the growth of the services sector was due to trade, real estate, renting and business activities, and transport, storage and communication.
Socioeconomic Planning Secretary Arsenio Balisacan said that due to the second quarter growth, the country remained “as one of the bright spots in the region.”
Balisacan also said that aside from the upsurge in the industry and services sectors, agriculture and private construction sectors also recorded growth.
The economic planning secretary assured that the country could still achieve its full-year growth target of 6.5 to 7.5 percent.
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