Q2 GDP growth seen at 5.3-5.9% on year

ABS-CBN News

Posted at Jun 16 2008 10:33 AM | Updated as of Jun 16 2008 06:33 PM

Reuters

The Philippine economy is likely to grow 5.3 to 5.9 percent in the second quarter from a year earlier, higher than the 5.2 percent expansion in the first quarter, backed by higher farm output and a recovery in consumer spending, a senior official said on Monday.

"Agriculture is rebounding," Economic Planning chief Augusto Santos told Reuters. "The economy is getting used a little bit to high prices and therefore production and consumption is resuming."

He said the government's official projection for annual second quarter growth would likely be released in early July.