MANILA, Philippines – Officials say the Philippine economy grew 6.5 percent in the second quarter from a year ago, boosted by strong industry, farm recovery and with the services sector rising slower but remaining the main driver of growth.
Economic Planning Secretary Ernesto Pernia said Thursday the government is on track to meet at least the lower to middle range of its full-year growth target of 6.5-7.5 percent. Analysts say the economy's underlying momentum has moderated, citing softer remittances and confidence clouded by martial law in the south.
The second quarter performance is below the 7.1 percent growth in the same period a year ago but slightly up from the first quarter 2017 rise of 6.4 percent. First semester growth is 6.4 percent, lower than 7.0 percent in the same period last year.