Philippines sees growth in Q2, rest of the year, better than Q1

Posted at 08/19/14 3:22 PM

MANILA - Improving exports, robust consumption and spending related to typhoon rehabilitation will ensure growth in the second quarter and subsequent quarters will be better than in the first three months of the year, the Philippines' economic planning chief said.

"Leading economic indicators seem to be quite favorable. Subsequent quarters better than Q1. Rehabilitation and reconstruction efforts are also gaining traction," Arsenio Balisacan told reporters on the sidelines of a Senate hearing on the national budget.

Annual growth in the first quarter was 5.7 percent, the slowest in two years.

Growth data for the second quarter is set for release on August 28.

Gil Beltran, chief economist of the Finance department, said in a statement on Thursday real growth in the second quarter could hit 7 percent, based on data showing a rise in manufacturing activity.