PH GDP grew 5.6% in Q2

The Philippine economy grew 5.6 percent in the second quarter.

The Philippine Statistics Authority (PSA) and the National Economic and Development Authority (Neda) reported on Thursday that during the April to June period, the gross domestic product (GDP) expanded faster than the 5-percent growth posted in the first quarter.

The PSA on Wednesday announced that it revised downward the first-quarter GDP growth figure from the previously announced 5.2 percent, due to “downward revisions in [output of] public administration and defense, mining and quarrying, and agriculture, hunting, forestry and fishing [sectors].”

The dismal first-quarter performance — the slowest growth since 2011 — was blamed largely on government underspending and weak exports due to anemic global demand.

But the economic growth recorded during the April to June period was slower than the 6.7 percent recorded in the second quarter of last year.

The government targets GDP growth of 7-8 percent this year.

Socioeconomic Planning Secretary and Neda Director-General Arsenio M. Balisacan already conceded that the higher end of the 2015 goal would be difficult to achieve.

Last year, the economy expanded 6.1 percent, below the 6.5-7.5 percent target, mainly on anemic government spending on public goods and services. Ben O. de Vera/CB