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PH Economy Maintains Strong Growth in Q2

by: Sarah Joson

Wednesday, June 29, 2016 |

According to Emmanuel Esguerra, chief of the National Economic and Development Authority (NEDA), sustained consumer and infrastructure spending could have aided the Philippine economy to keep its growth momentum. He added that gains from election-related spending also contributed to the growth of the second quarter.

Esguerra also said on the sidelines of the AmBisyon Natin 2040 Media Forum with the Economic Journalists Association of the Philippines (EJAP) that infrastructure and consumer spending will remain key growth contributors and should there be any difference in the growth drivers between the first two quarters, it will be minimal. Election spending will still play an important role, even though it peaked in the first quarter. He also noted that he expects second quarter’s growth to be at par, at the very least, with the first quarter and doesn’t see it being lower.

The Socioeconomic Planning Secretary likewise said the new economic team under the incoming administration could modify the full year growth target of 6.8 percent to 7.8 percent.

In line with that, incoming Socioeconomic Planning Secretary Ernesto Pernia said an economic growth rate of 6.5 percent would be conservative considering the new turnover of government. The new economic team is set to build on the strategy of the Aquino administration with its 10-point economic agenda.


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