MANILA — Malacañang on Thursday said the Philippine economy is on track after posting a 6.5-percent growth for the second quarter of 2017.
In a statement, Presidential Spokesperson Ernesto Abella said the Palace welcomed the latest economic report, saying the pace of the country’s economic growth places the country as one of the fastest growing major economies in Asia.
“We welcome this morning’s announcement by Socioeconomic Planning Secretary Ernesto M. Pernia of the National Economic and Development Authority (NEDA) that our gross domestic product (GDP) grew by 6.5 percent in the second quarter of 2017. This figure, which falls within the full-year target growth of our economic managers, puts us as one of the fastest growing major economies in Asia,” the Palace official said.
Earlier, the government announced the latest report on the performance of the country’s economy.
The GDP expansion during the April to June period was slightly faster than the 6.4 percent in the first quarter.
For 2017, the government targets 6.5 to 7.5 percent GDP growth.
Citing the NEDA, Abella said that growth in household consumption was at 5.9 percent while government consumption expanded by 7.1 percent from 0.1 percent, showing a marked improvement in the absorptive capacity of government agencies.
NEDA further states that the industry sector recorded the fastest growth among major economic sectors at 7.3 percent.
It was followed by the services sector at 6.1 percent and the agriculture sector expanding by 6.3 percent.
According to the Philippine Statistics Authority, the agriculture sector growth is notable, being able to rebound from a 2-percent decline in 2016.
“Indeed, our growth momentum is on track and that we would sustain our pace for the rest of the year as we continue to lay down the foundation of a comfortable life for all through increased investments in infrastructure and social protection,” Abella said. (PNA)