The Philippine economy likely grew 6.5 percent in the second quarter of the year, gaining some momentum back after slowing in the first quarter and despite a high base in 2013, according to an estimate by a pair of leading think tanks in the country.
The quicker growth pace estimated for the second quarter this year is expected to show a corresponding increase in employment, which should have offset the negative impact of higher inflation and weaker exports during the period, said the First Metro Investments Corp. (FMIC) and the University of Asia and the Pacific (UA&P) in the July issue of The Market Call, their joint publication. The new FMIC and UA&P economic growth projection is a revision of their previous 6.3-percent forecast for the period.
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