PH GDP growth further slows to 5.5% in Q2

MANILA, Philippines — The economy grew at a slower pace of 5.5 percent in the second quarter, still below the 6-percent level, the Philippine Statistics Authority (PSA) reported on Thursday.

The gross domestic product (GDP) growth during the April to June period was also slower than 6.2 percent posted a year ago as government underspending persisted during the first half.

To recall, first-quarter GDP expansion fell to a four-year low of 5.6 percent mainly as the government was unable to spend P1 billion a day on public goods and services at the start of the year.

President Rodrigo Duterte signed the P3.7 trillion 2019 national budget in mid-April as the two houses of Congress had squabbled over “pork” funds.

The government targets 6-7 percent GDP growth this year.  /muf