The Philippines registered 7.6-percent gross domestic product (GDP) growth for the first and second quarters of the year, according to the National Statistical Coordination Board (NSCB) on Wednesday.
NSCB originally reported that the second-quarter GDP growth was at 7.5 percent. In a statement, the NSCB said that the upward revision of the second-quarter GDP to 7.6 percent was because of the growth in the manufacturing sector.
“For the revised second quarter of 2013, manufacturing was the largest contributor to the upward revision of the GDP with 0.02 percentage point,” the NSCB said. Despite the revision of second-quarter GDP, net primary income (NPI) dropped 0.09 percentage point that caused the decline of the gross national income (GNI).
“NPI contributed 0.09 percentage point resulting in the downward revision of GNI from 6.8 percent to 6.4 percent,” the state-run statistical body said.
The first-quarter GDP growth was first announced at 7.8 percent, which was revised to 7.6 percent later on.
The NSCB and the National Economic and Development Authority are slated to announce the third-quarter GDP results today, which was earlier predicted to dwell at 7 percent as only “minimum losses” were recorded from the destruction brought by Typhoon Santi and the Cebu-Bohol earthquake.