Economy likely grew nearly 6% in Q2 - NEDA

The Philippine economy likely expanded by close to six percent in the second quarter, according to the National Economic and Development Authority NEDA).

- LOUELLA DESIDERIO

"I guess that it's probably close to at least the lower end of the target," NEDA Secretary Arsenio Balisacan told reporters on the sidelines of the postState of the Nation Address discussions yesterday.

The government has set a six to seven percent gross domestic product (GDP) growth target for the full year.

In the first quarter, the economy grew by 5.7 percent, slower than the 6.4 percent expansion in the same period last year, but faster than the 5.5 percent growth in the fourth quarter of 2023.

Balisacan said growth in the second quarter was likely supported by remittances from overseas Filipinos.

Latest data from the Bangko Sentral ng Pilipinas showed personal remittances from overseas Filipinos rose by 3.7 percent to $2.88 billion in May from $2.78 billion in the same month last year.