Philippines says Q2 GDP growth could be as high as 7%

[MANILA] The Philippine economy might have grown as much as 7 per cent in the second quarter on an annual basis, the country's economic planning minister, Ernesto Pernia, said on Tuesday.

That compares with the first quarter growth of 6.9 per cent, which was partly boosted by election-related spending. Second-quarter GDP data will be released on Aug 18.

President Rodrigo Duterte's economic team cut the government's economic growth targets for this year and next, citing weak farm output due to El Nino and external headwinds.

REUTERS