MANILA — The Philippine economy likely grew faster in the second quarter, possibly between 6.5 percent and 7 percent , on the back of higher infrastructure investments and consumer spending.
“I think it would be better than the first quarter. I have a hunch. A hunch is not a hard data,” Socioeconomic Planning Secretary Ernesto Pernia told reporters on the sidelines of Sulong Pilipinas business forum on Wednesday.
Pernia also cited improved exports and agriculture’s performance as the main economic growth drivers for April to June quarter.
“Consumption also is continuing with the depreciation of the peso. Families receiving remittances are able to spend more because of higher conversion rate in favor of the peso, so there is more spending money,” he said.
The NEDA chief expects the economy to continue delivering positive performance.
The country’s gross domestic product (GDP) expanded 6.4 percent in the first quarter this year due to the base effects of 2016 in the form of election-related spending.
The government will release second-quarter growth data on August 17. PNA