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PH GDP grew 6.9% in Q1, fastest growth since Q2 of 2013

By: - Reporter / @bendeveraINQ
/ 10:31 AM May 19, 2016
In this Wednesday, Aug. 12, 2015 photo, Filipino workers arrange metal rods at a government road project in suburban Quezon City, north of Manila, Philippines. Manila and other cities are choked with construction sites for office and apartment towers. But spending on roads, railways and other unglamorous but essential infrastructure collapsed after the 1997 financial crisis and has yet to recover. (AP Photo/Aaron Favila)

In this Aug. 12, 2015 photo, Filipino workers arrange metal rods at a government road project in suburban Quezon City, north of Manila, Philippines. (AP File Photo/Aaron Favila)

MANILA — The Philippine economy grew by 6.9 percent in the first quarter, the fastest expansion since the second quarter of 2013.

The first-quarter GDP growth exceeded the 5 percent posted in the first three months of last year.

Socioeconomic Planning Secretary Emmanuel F. Esguerra told a press conference that they were optimistic to hit that the economic growth this year will settle within the government’s 6.8-7.8 percent target.

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Esguerra added that the Philippine economy was the fastest-growing among 11 selected Asian economies during the first three months.

“We are pleased to be turning over a strong and stable economy onto the next administration,” said Esquerra, who is also the director-general of the National Economic and Development Authority.  SFM/rga

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TAGS: Business, Economic Growth, Economy, Emmanuel F. Esguerra, Finance, GDP, GDP growth, gross domestic product, Nation, National Economic and Development Authority, NEDA, news
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