MANILA - The Philippines' gross domestic product growth rate was revised to -3.9 percent from -4.2 percent reported earlier in the year, the state statistics bureau said on Monday.

The Philippine Statistics Authority said major contributors to the revision were professional and business services, which was revised from -6.5 percent to -4.4 percent; construction, from -24.2 percent to -22.6 percent; and real estate and ownership of dwellings, from -13.2 percent to -11.7 percent.

"Net Primary Income (NPI) from the Rest of the World and Gross National Income (GNI) both recorded upward revisions from -75.8 percent to -75.6 percent and -10.9 percent to -10.6 percent, respectively, in the first quarter of 2021," the PSA said.

The GDP revision comes as the PSA prepares to release the second quarter growth rate figures on Tuesday morning.

AB Capital Securities noted that the stock market breached the 6,600-level following the revised first quarter numbers, and on optimism ahead of the release of second quarter GDP data tomorrow.

The country is expected to come out of recession, with Bloomberg showing GDP growth estimates ranging from 7.7 percent to 13.6 percent, with median at 10.9 percent, AB Capital said.

"Investors have been buying ahead of projected bounce in economic growth in the 2nd quarter," said Luis Limlingan, managing director of Regina Capital.

The high growth figures take into account low base effects, as the GDP contracted by a record 16.9 percent in the second quarter of 2020.

Philippine economic managers have said that they expect the country to grow 6 percent to 7 percent this year as the economy gradually reopens.

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