PH economy likely grew by 6.3 pct in Q2

Posted at 06/20/14 4:50 PM

MANILA, Philippines - Philippine economic growth will accelerate this quarter, as effects of "Yolanda" rehabilitation are felt more strongly, according to First Metro Investment Corp. and University of Asia and the Pacific.

The partner institutions said GDP may expand 6.3 percent in the second quarter, from 5.7 percent in the first quarter.

Government budgeted about P30 billion to help rebuild areas hit by super typhoon "Yolanda."

First Metro said inflation will likely ease after this quarter, which could help boost spending and sales in the second half.

Despite slower growth in the first quarter, the government has said it is sticking to its 6.5 percent to 7.5 percent growth target for the year. - ANC