THE Philippine economy grew by only 5.5 percent in the second quarter of 2019, the slowest in over four years.
This was slower than the 5.6 percent gross domestic product (GDP) growth posted during the first three months of 2019 and the 6.2 percent recorded during the second quarter of 2018, the Philippine Statistics Authority (PSA) said.
Presidential Spokesperson Salvador Panelo said the Duterte government is exhausting all efforts to boost the country's economy.
"Well, according to our economic managers, temporary lang naman 'yun eh (it's just temporary)," the Palace official told a press conference.
"Gaya nung mga nakaraan, ginagawan natin ng paraan 'yun (Just like before, we're finding ways to address that)," he added.
The PSA reported on Thursday, August 8, that among the major economic sectors, services grew fastest at 7.1 percent while industry expanded by 3.7 percent from April to June 2019.
The agriculture, hunting, forestry and fishing sector registered a minimal growth of 0.6 percent.
Main growth drivers for the period were trade and repair of motor vehicles, motorcycles, personal and household goods; manufacturing; and other services.
Net primary income (NPI) from the rest of the world and gross national income (GNI) grew by 3.1 percent and 5.1 percent, respectively.
With the country’s projected population reaching 107.9 million in the second quarter of 2019, per capita GDP grew by 3.8 percent.
Meanwhile, per capita GNI and per capita Household Final Consumption Expenditure (HFCE) posted corresponding growths of 3.5 percent and 3.9 percent. (SunStar Philippines)