Philippine Growth Expands to 6.8%

Economic growth in the Philippines likely accelerated to 6.8% in the second quarter from 6.4% in the first quarter, lifted by stronger exports of electronics, Moody’s Analytics, a division of debt watcher Moody’s Corp., said in a report over the weekend, Manila.net reported. “Philippine GDP growth likely accelerated to 6.8% year-on-year in the second quarter, compared with 6.4% in the opening three months of the year. The main boost will come from exports, which have been expanding rapidly in recent months largely because of stronger shipments of electronics,” Moody’s said. The economy grew 6.4% in the first quarter, below expectation, as government spending slowed from the same quarter last year in the run-up to the presidential elections. The government also expects GDP growth to accelerate from the first quarter, as infrastructure spending picked up in line with the so-called “Build Build Build” infrastructure program. Moody’s said domestic factors remained conducive to strong growth. Private consumption was seen to grow rapidly on rising incomes and favorable demographics.