Philippine growth slows to lowest pace in three years

Manila: Philippine economic growth slowed to 6 per cent in the second quarter of the year, amid policy decisions that should eventually lead to “sustainable and resilient development,” the government said.
Gross domestic product (GDP) growth for the April-June period was down from 6.6 per cent in the first quarter and 6.7 per cent in the same quarter in 2017, according to the Philippine Statistics Authority. It was the lowest growth since 2015.
“Although this growth still puts the Philippines as one of the best-performing economies in Asia, just after Vietnam at 6.8 per cent growth and China at 6.7 per cent growth, and ahead of Indonesia’s 5.3 per cent, this growth rate is less than what we had hoped for,” Socio-Economic Planning Secretary Ernesto Pernia said. “To be fair and put things in proper context, the slowdown is partly due to policy decisions undertaken that are expected to promote sustainable and resilient development,” he added. The services sector recorded the fastest growth at 6.6 per cent in the second quarter, according to the statistics authority. — dpa