The Philippines’s economy grew 7.5 percent in the second quarter of this
year, 1.2 percent higher than the same period last year’s level, the
country’s National Statistical Coordination Board (NSCB) said on
August 29.
NSCB attributed the impressive economic growth to increases in public and consumer spending.
The board said this is a positive signal for the Philippines in
the context of declining stock and monetary markets as foreign investors
pull out of emerging economies in expectation of an end to the US
Federal Reserve’s stimulus.
NSCB reports also
showed that the Q2 growth helped bring the country’s GDP growth in the
first six months of 2013 to 7.6 percent, compared to 6.4 percent in the
same period last year.
The service sector, with a
growth of 7.4 percent, remains a key factor in promoting the
Philippines’ economic growth. Besides, the production and
construction sectors, which grew 10.3 percent and 17.4 percent
respectively, also pushed the country’s industrial sector up 10.3
percent.
Experts says with this speed, the Philippine economy is now expanding faster than any others in Southeast Asia.-VNA