, Philippines

Philippine GDP growth hits 6.5% in Q2

Thanks to higher domestic consumption and government spending.

The Philippines' GDP growth hit 6.5% YoY, stronger than the consensus of 6.4% yoy.

According to OCBC Treasury Research, growth has been ushered in by strong domestic consumption and government spending, exceeding 6% for the eighth consecutive quarter.

Manufacturing growth reached 7.91%, higher than 7.58% in the last quarter, whilst services dipped to 6.05% from Q1's 6.69%.

OCBC said, "Newsflow from the BSP suggest that the central bank stands ready to hike rates if growth overheats. We think this is unlikely this year given fading inflation pressures."
 

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!