Philippine economy surges, defies concerns

The Philippine economy grew by 6.5 percent in the three months to June, likely one of the fastest in Asia, the government said yesterday, defying concerns over President Rodrigo Duterte’s unconventional leadership.

With solid fundamentals laid by predecessor Benigno Aquino, Duterte has now presided over an economy growing at an average 6.6 percent clip in the past year, despite rule-of-law concerns over his drug war that has left thousands dead. “I am pleased to inform you that we remain as one of the best-performing economies in Asia,” Economic Planning Secretary Ernesto Pernia said in a speech to announce gross domestic product growth for the second quarter. “We are well on track to meeting our full-year target growth of 6.5-7.5 percent,” he said, with the economy having expanded by 6.4 percent in the first half.

Industry was the main driver for April-june 2017, backed by expansion in manufacturing and mining, while the farm sector’s continued recovery from a dry spell also helped offset the slower growth in the vast services sector, Pernia said.

Among Asia’s major economies, the 6.5 percent second quarter growth was below only China’s 6.9 percent jump for the quarter, Pernia said.

Malaysia and Thailand, which have yet to release economic growth data for the period, were unlikely to announce higher figures than the Philippines, he added.