MANILA - The Philippines has revised its first quarter gross domestic product growth rate a day ahead of the release of the second quarter GDP figures. 

The Philippine Statistics Authority said the country's GDP grew 5.8 percent in the first three months of the year, which was slightly higher than the 5.7 percent announced earlier. 

"Major contributors to the upward revision were: Financial and insurance activities, from 10 percent to 10.3 percent; Wholesale and retail trade; repair of motor vehicles and motorcycles, from 6.4 percent to 6.6 percent; and Electricity, steam, water and waste management, from 6.3 percent to 6.9 percent," the PSA said. 

The PSA said there were also upward revisions in the first quarter annual growth rates of the Gross National Income to 9.8 percent from 9.7 percent, and the Net Primary Income from the Rest of the World to 57.6 percent from 57 percent.

"The Philippine Statistics Authority (PSA) revises the GDP estimates based on an approved revision policy (PSA Board Resolution No. 1, Series of 2017-053) which is consistent with international standard practices on national accounts revisions," the agency said. 

The government is targeting a 6 to 7 percent economic growth rate for 2024.

Official figures for the second quarter GDP performance are expected to be released on Thursday, August 8.