THE Philippines’ gross domestic product (GDP) growth slowed down to 6.0 percent in the second quarter of 2018, according to the Philippine Statistics Authority (PSA).
Dr. Lisa Grace Bernales of the PSA said that the GDP had gone down compared to the 6.6 percent growth that was registered in the first quarter.
She added that the services sector recorded the fastest growth of 3.8 percentage points, followed with industry with 2.2 percentage points and agriculture with 0.01 percentage points.
Bersales also said that with the country’s projected population reaching 106.2 million in the second quarter of 2018, the per capita GDP posted a growth of 4.3 percent.
Socioeconomic Planning and NEDA head Secretary Ernesto Pernia, on the other hand, said that the Philippines is still among the best performing economies in Southeast Asia, noting that the GDP growth for the first six months of 2018 was at 6.3 percent.
But he said that the country’s GDP in the second quarter puts it behind Vietnam’s 6.8 percent, China’s 6.6 percent and ahead of Indonesia.
Although he said that this is less than the growth they were hoping, the Philippines economy would have to expand by 7.7 percent in the second semester to attain the lower end of our 2018 growth target.
He also admitted that the temporary closure of Boracay Island partly made a dent on the economy, adding that the regulation of mining sector, the excise tax on minerals were also seen as a factor that affected the GDP growth.