ELECTION-related spending likely drove the Philippine economy to grow faster in the second quarter of the year compared with the first three months, two of the incoming administration’s economic managers said.
Ernesto Pernia, incoming director-general of Socioeconomic Planning and National Economic and Development, said on the sidelines of an economic forum in Davao City that GDP growth in April to June was “likely above 7 percent.”
Incoming Budget and Management Secretary Benjamin Diokno, meanwhile, said economic expansion in the three months to June could be higher than the 6.9-percent GDP growth posted in January to March.
Both added, however, that despite the expected higher growth in the first half of the year, economic expansion might slow down in the remaining months of 2016, as the impact of election-related spending dissipates and seasonality kicks in. MAYVELIN U. CARABALLO