Philippine economic growth was likely steady in second quarter given continued domestic spending and export gains, First Metro Investment Corp. (FMIC) and the University of Asia and the Pacific (UA&P) said on Monday. The economy grew by 6.5 percent in the second quarter, picking up from 6.4 percent in the first three months of the year but down from the 7.1 percent posted a year earlier. Year to date growth, at 6.4 percent, remains just below this year’s 6.5-percent to 7.5-percent goal. Third-quarter GDP results are scheduled to be released by the Philippine Statistics Authority on November 16. “Thus, we think that gains in exports will further augment the fast-growing domestic demand,” FMIC and the UA&P said.

Source: Manila Times October 23, 2017 17:48 UTC