Philippines Maintains 2.8% Q1 GDP Growth Amid Sectoral Revisions

MANILA, Philippines — The country’s economic growth rate was kept at 2.8 percent in the first quarter, but upward revisions were made in some sectors, according to the Philippine Statistics Authority (PSA). In a statement, the PSA said the gross domestic product (GDP) year-on-year growth rate for the first quarter remained at 2.8 percent. However, it said upward adjustments were made in three sectors. In particular, the growth rate for manufacturing was revised to 0.7 percent from 0.5 percent. For transportation and storage, the growth rate was adjusted to five percent from 4.4 percent. Growth for wholesale and retail trade; repair of motor vehicles and motorcycles was revised to 4.7 percent from 4.6 percent. On the other hand, downward revisions were seen in the following: other services (2.9 percent from 3.9 percent); electricity, steam, water and waste management (0.03 percent from 0.7 percent); and education (5.9 percent from 6.1 percent). The gross national income in the first quarter was revised downward to 2.9 percent from three percent. Net primary income from the rest of the world also had a downward revision to 3.5 percent from 4.5 percent. “The PSA revises the GDP estimates based on an approved revision policy (PSA Board Resolution 1, Series of 2017-053), which is consistent with international standard practices on national accounts revisions,” the statistics agency said. Data on the second quarter economic performance will be released today (Aug. 7). Earlier, Department of Economy, Planning and Development Secretary Arsenio Balisacan said the economy needs to grow by at least 3.7 percent from the second quarter to fourth quarter to achieve the lower end of the revised 3.5 to 4.5 percent growth target for the year. To meet the upper end of this year’s revised growth goal of 4.5 percent, he said average growth in the remaining three quarters should be at 5.07 percent.