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

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.

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