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Philippines' Q2 GDP growth rises to 5.6 pct

Xinhua, August 27, 2015 Adjust font size:

The Philippines' gross domestic product (GDP) growth in the second quarter this year reached 5.6 percent, up from 5 percent in the first quarter, presidential spokesman Edwin Lacierda said Thursday.

The figure is much lower than the 6.7 percent recorded in the same period last year. But Lacierda said it is still higher compared to many Asian countries including Malaysia, Indonesia, and Thailand.

Budget secretary Florencio Abad said the growth, though minimal, is an achievement in itself given the current volatility of the global market.

He said the latest GDP growth was driven by the robust government spending in the second quarter which is part of efforts from different agencies to catch up on their spending programs.

"Our challenge now is to exceed ourselves in the coming quarters. More than ever, it will be crucial for us to ramp up disbursements and clear more spending bottlenecks, so we can stimulate the economy towards further growth," he added. Endi