UPDATE 2: GDP grows 6.5% in second quarter–PSA

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THE Philippine economy grew 6.5 percent in the second quarter on faster government spending amid slack in private investment, the Philippine Statistics Authority (PSA) said on Thursday.

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In the second quarter, gross domestic product (GDP) growth slowed from 7.1 percent a year earlier, but marginally higher than the 6.4 percent in the first quarter of 2017, the PSA said.

Growth stood within the 5.8 percent to 6.8 percent forecast range of private analysts polled by The Manila Times.

This brought first-half growth to reach 6.4 percent, losing steam from the 7 percent in 2016.

Growth in the first six months of 2017 settled below the 6.5 percent to 7.5 percent target range of the government for the full year. MAYVELIN U. CARABALLO

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