{"id":20006,"date":"2024-08-02T03:08:35","date_gmt":"2024-08-02T03:08:35","guid":{"rendered":"https:\/\/energybuzz.ph\/staging\/6915\/phl-economy-likely-grew-more-than-6-in-q2-finance-chief\/"},"modified":"2024-08-02T03:08:35","modified_gmt":"2024-08-02T03:08:35","slug":"phl-economy-likely-grew-more-than-6-in-q2-finance-chief","status":"publish","type":"post","link":"https:\/\/energybuzz.ph\/staging\/6915\/phl-economy-likely-grew-more-than-6-in-q2-finance-chief\/","title":{"rendered":"PHL economy likely grew more than 6% in Q2 \u2014 Finance chief"},"content":{"rendered":"<div>\n<p class=\"p2\"><span class=\"s3\">THE PHILIPPINE ECONOMY likely grew <\/span>faster in the second quarter amid better state spending and increased household consumption, the Department of Finance (DoF) said.<\/p>\n<p class=\"p3\">\u201cIf you\u2019re talking about growth rate for the second quarter, I think we\u2019re pretty optimistic. It will be higher than the <span class=\"s3\">f<\/span>irst (quarter),\u201d Finance Secretary Ralph G. Recto told reporters on the sidelines of an event late Tuesday.<\/p>\n<p class=\"p3\">In the <span class=\"s3\">f<\/span>irst quarter, gross domestic product (GDP) expanded at a weaker-than-expected 5.7% due to slower consumption and state spending.<\/p>\n<p class=\"p3\">Mr. Recto said he is \u201ccrossing his <span class=\"s3\">f<\/span>ingers\u201d that GDP growth would be above 6%, driven by consumption, government spending and lower in<span class=\"s3\">f<\/span>lation.<\/p>\n<p class=\"p3\">The government is targeting 6-7% GDP growth this year.<\/p>\n<p class=\"p3\"><span class=\"s4\">Headline in<\/span><span class=\"s3\">f<\/span><span class=\"s4\">lation eased to 3.7% in June due to a slower rise in power and transport costs, ending four straight months of acceleration. <\/span><\/p>\n<p class=\"p3\">Last week, National Economic and Devel<span class=\"s2\">opment Authority Secretary Arsenio M. Bali<\/span>sacan said GDP growth in the April-to-June period would likely be near the lower end of the government\u2019s 6-7% target.<\/p>\n<p class=\"p3\">The Philippine Statistics Authority is scheduled to release second-quarter GDP growth data on Aug. 8.<\/p>\n<p class=\"p3\">Jonathan L. Ravelas, senior adviser at professional service <span class=\"s3\">f<\/span>irm Reyes Tacandong &amp; Co., forecasts GDP growth at 6.1% in the second quarter, driven by infrastructure spending and a recovery in private spending.<\/p>\n<p class=\"p3\"><span class=\"s5\">However, he expects full-year growth to average at 5.8% this year, and 6.3% for 2025.<\/span><\/p>\n<p class=\"p3\">IBON Foundation Executive Director Jose Enrique A. Africa said state spending growth in the second quarter might be subdued due to debt service.<\/p>\n<p class=\"p3\"><span class=\"s2\">\u201cThe stimulus effect of higher government spending is also diminished to the extent that these are spent on debt service or on imported materials, equipment or contractors for infrastructure projects,\u201d he said in a Viber message. <\/span><\/p>\n<p class=\"p3\">The National Government\u2019s debt service bill, which refers to state payments on its domestic and foreign debt, rose by 48% to P1.22 trillion in the January-to-May period from P819.53 billion a year ago. \u2014 <b>Beatriz Marie D. Cruz<\/b><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<div>THE PHILIPPINE ECONOMY likely grew faster in the second quarter amid better state spending and increased household consumption, the Department of Finance (DoF) said. \u201cIf you\u2019re talking about growth rate for the second quarter, I think we\u2019re pretty optimistic. It will be higher than the first (quarter),\u201d Finance Secretary Ralph G. Recto told reporters on [\u2026]<\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[14644,138,9853,11916,16662,252,1003,11354,4272,11],"class_list":["post-20006","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-bworldonline","tag-chief","tag-economy","tag-finance","tag-grew","tag-likely","tag-more","tag-phl","tag-than","tag-years"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>PHL economy likely grew more than 6% in Q2 \u2014 Finance chief - Energy Buzz<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/energybuzz.ph\/phl-economy-likely-grew-more-than-6-in-q2-finance-chief\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PHL economy likely grew more than 6% in Q2 \u2014 Finance chief - Energy Buzz\" \/>\n<meta property=\"og:description\" content=\"THE PHILIPPINE ECONOMY likely grew faster in the second quarter amid better state spending and increased household consumption, the Department of Finance (DoF) said. \u201cIf you\u2019re talking about growth rate for the second quarter, I think we\u2019re pretty optimistic. It will be higher than the first (quarter),\u201d Finance Secretary Ralph G. Recto told reporters on [\u2026]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/energybuzz.ph\/phl-economy-likely-grew-more-than-6-in-q2-finance-chief\/\" \/>\n<meta property=\"og:site_name\" content=\"Energy Buzz\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-02T03:08:35+00:00\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/phl-economy-likely-grew-more-than-6-in-q2-finance-chief\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/phl-economy-likely-grew-more-than-6-in-q2-finance-chief\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/#\\\/schema\\\/person\\\/344f8dbaaecf75e51367eef93f492892\"},\"headline\":\"PHL economy likely grew more than 6% in Q2 \u2014 Finance chief\",\"datePublished\":\"2024-08-02T03:08:35+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/phl-economy-likely-grew-more-than-6-in-q2-finance-chief\\\/\"},\"wordCount\":332,\"publisher\":{\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/#organization\"},\"keywords\":[\"bworldonline\",\"chief\",\"economy\",\"finance,\",\"grew\",\"likely\",\"more\",\"phl\",\"than\",\"years\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/phl-economy-likely-grew-more-than-6-in-q2-finance-chief\\\/\",\"url\":\"https:\\\/\\\/energybuzz.ph\\\/phl-economy-likely-grew-more-than-6-in-q2-finance-chief\\\/\",\"name\":\"PHL economy likely grew more than 6% in Q2 \u2014 Finance chief - 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