MANILA, Philippines – 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.