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PHILIPPINE ECONOMY GROWS 5.5 PCT IN SECOND QUARTER.
MANILA, Sept 1 Asia Pulse - The Philippines' gross domestic product (GDP) grew 5.5 per cent in the second quarter of 2006 from last year's 5.4 per cent, boosted by sustained growth in services and recovery in the agriculture sector.
The second quarter figure was well within the National Economic and Development Authority's (NEDA) growth forecast of 5.3 to 5.8 per cent for the period.
Gross national product (GNP) also rose by 6.6 per cent in the second quarter due to the robust 18.3 per cent rise of overseas Filipino workers (OFWs) remittances to P173.1 billion (US$3.4 billion) from the previous year's P152.88 billion.
"The economy in the second quarter expanded briskly driven by the surge in agriculture, a distinct pick-up in manufacturing, and sustained growth in finance. We note that services continue to boost the economy albeit growing at a less rapid rate," NEDA Director General Romulo Neri said.
The services sector contributed 2.8 per cent to the GDP growth rate in the second quarter, while industry and agriculture at 1.6 per cent and 1.1 per cent, respectively.
On the demand side, Neri said, growth was stimulated by household consumption and exports, which expanded by 5.2 and 22.3 per cent, respectively.
"The 5.5 per cent GDP growth in the second quarter means that our full year growth projection of 5.5-6.1 per cent is well within our grasp, even as we are mindful of the challenges caused by the rise of world crude oil prices," he noted.
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Source: HighBeam Research, PHILIPPINE ECONOMY GROWS 5.5 PCT IN SECOND QUARTER.