Philippine economy expands 5.9 percent
MANILA, Philippines (AP) — The Philippine economy has expanded 5.9 percent in the second quarter, as the government increased public spending and inflation remained low.
GDP growth was slightly lower than the adjusted 6.1 percent in the first quarter, but Economic Planning Secretary Arsenio Balisacan said Thursday the figures are above market expectations and average regional growth.
He said risks include a weak global economic recovery, a slowdown in China and the El Nino dry spell that is expected to impact agriculture.
The biggest contributor came from the services sector. Steady inflows of remittances from Filipinos overseas propped up domestic spending while tourist arrivals grew 11.7 percent from a year ago to reach 2.1 million.
Balisacan said spending on infrastructure including housing for the poor and roads will include nearly $200 million in investment.