The Philippine economy is now the second fastest in Asia next to China after expanding 6.4% in the second quarter of this year, matching that of Malaysia, the Philippine Statistics Authority (PSA) announced on 29 August.
Although the expansion was lower than the 7.9% registered in Q2 2013, it was higher than the 5.6% in Q1 2014.
Industry led this year’s Q2 growth, expanding by 7.8%, followed by services’ 6%. Agriculture output registered a 3.6% increase year-on-year.
Economists polled by Reuters had forecast the economy would expand 6.2%, faster than the revised annual growth of 5.6% in the March quarter.
Manila is targeting growth of 6.5-7.5% this year after growth of 7.2% in 2013.
Economic Planning Secretary Arsenio Balisacan said the country still has a strong likelihood of achieving the full-year growth target.