We welcome this morning’s announcement by Socioeconomic Planning Secretary Ernesto M. Pernia of the National Economic and Development Authority (NEDA), that our gross domestic product (GDP) grew by 6.5 percent in the second quarter of 2017. This figure, which falls within the full-year target growth of our economic managers, puts us as one of the fastest growing major economies in Asia.
The NEDA briefing cites growth in household consumption at 5.9 percent while government consumption expanded by 7.1 percent from 0.1 percent showing a marked improvement in the absorptive capacity of government agencies. NEDA further states that the industry sector was at 7.3 percent; the services sector at 6.1% and the agriculture sector expanding by 6.3%.
Indeed, our growth momentum is on track and that we would sustain our pace for the rest of the year as we continue to lay down the foundation of a comfortable life for all through increased investments in infrastructure and social protection.