Philippine economy grows by 7% for 2nd quarter of 2016.
Compared to the 5.9 percent economic growth for the second quarter of 2015, the gross domestic product or GDP for the second quarter of 2016 rose to seven percent based on the report of Philippine Statistics Authority (PSA).
The Philippines has the fastest-growing economy in Asia. Second is China which has 6.7 percent. Third is Vietnam and next are Indonesia, Malaysia and Thailand.
“The previous administration gave us a strong and stable economy that we can build on further by maintaining the sound macroeconomic, fiscal and monetary policies already in place,” NEDA Director General Ernesto Pernia said.
According to Pernia, this growth is driven by the strong performance of the services and industry sector, and the increase in investments and public spending.
However, the perfomrance of agriculture remains dismal because of the effecs of the El Niño.
Meanwhile, there is still a risk of seeing a lower growth rate in the second half of the year because of the post-election season and the La Niña.
Because of this, Pernia says it is important for the Duterte administration to sustain the macroeconomic policy so that the business and consumer confidence will remain strong. — Rosalie Coz / UNTV News & Rescue
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