■ PHILIPPINES' GDP GROWS 6.4% IN THE FIRST QUARTER

Compared with other major emerging economies in Asia, Neda Chief Ernesto Pernia said the Philippines remains one of the “strongest performers.”

Despite posting a 6.4 percent increase in its gross domestic product (GDP) in the first quarter of this year, the number, according to Socioeconomic Planning Secretary Ernesto Pernia yesterday, is still lower than the 6.9 percent GDP growth in the same period last year and that of the 2017 full year target of 6.5-7.5 percent growth. “Our first quarter performance bodes well for the economy as it is broadly in line with this year’s government target of 6.5-7.5 percent. It is, however, lower than desiredly expected, and this may be explained by the base effects. That is, growth last year was high due to election spending, the impact of which has already dissipated,” Pernia said.

The Philippines posted a gross domestic product (GDP) growth of 6.4 percent in the first quarter of this year, “lower than desiredly expected,” Socioeconomic Planning Secretary Ernesto Pernia said yesterday.

The latest economic growth was lower than the 6.9 percent GDP growth in the first quarter of last year and that of the 2017 full year target of 6.5-7.5 percent.

Manufacturing, trade, and other services were the main drivers of growth, the Philippine Statistics Office, an attached agency of the National Economic and Development Authority (Neda), said.

Among the major economic sectors, services contributed 6.8 percent to the GDP growth in the first quarter, followed by industry at 6.1 percent, and agriculture at 4.9 percent.

“Our first quarter performance bodes well for the economy as it is broadly in line with this year’s government target of 6.5-7.5 percent. It is, however, lower than desiredly expected, and this may be explained by the base effects. That is, growth last year was high due to election spending, the impact of which has already dissipated,” said Pernia, also Neda Director General.

He also attributed the lower growth to the “changing of the guards of the administration and reorientation of programs,” which take sometime to settle. This, he said, slowed government spending for the first quarter.

Compared with other major emerging economies in Asia, Pernia said the Philippines remains one of the “strongest performers.”

He said the Philippines overtook both Vietnam’s and Indonesia’s 5.1 percent growth, and Thailand’s 3.3 percent, while second to China’s 6.9 percent growth.

India has yet to release its data. /

SUNSTAR FOTO STRONGEST PERFORMER. Even as it missed expectations, the country’s economic growth exceeded that of Vietnam, Indonesia and Thailand. Neda said the Q1 GDP remains in line with goverment’s 6.5 percent to 7.5 percent targets.