Indicators
Philippine Growth Momentum Picks Up Even as High Costs Bite
- Consumption remained sluggish, contracting 0.1% on-quarter
- Economic official called for ‘manageable’ interest rates
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The Philippines’ economic expansion gathered pace in the second quarter, signaling there is potential to grow even faster if borrowing costs were reduced to support consumption.
Gross domestic product rose 6.3% in the April-June period from a year ago, the statistics agency said Thursday, matching the median estimate in a Bloomberg News survey. That compares with a revised 5.8% growth in the prior three months. Quarter-on-quarter, the economy notched a lower-than-expected 0.5% expansion.