Philippine economy grew 5.6 pct in the second quarter

AP News
Posted: Aug 27, 2015 2:09 AM

MANILA, Philippines (AP) — Officials say the Philippine economy grew by 5.6 percent in the second quarter from a year ago, slightly below government's target.

The figure brings growth in the first six months to 5.3 percent, down from 6.2 percent for the same period a year ago. The economy grew 5 percent in first quarter.

Economic Planning Secretary Arsenio Balisacan said Thursday that the government is likely to miss its 2015 full-year growth target of 7 to 8 percent, with 6 to 6.5 percent growth looking more realistic.

He called the second-quarter figure "respectable," saying it reflects a boost in government spending, especially public construction, which grew 20 percent from a 24 percent contraction in the first quarter after efforts to address spending bottlenecks.