Pernia says economy improved in Q2

The Philippine economy grew at a faster pace in the second quarter of the year, compared with the first quarter, due to improved fiscal spending and higher exports, Socioeconomic Planning Secretary Ernesto M. Pernia said Wednesday.

In an interview on the sidelines of the Philippine Development Forum 2017 in Mandaluyong City, Pernia said the gross domestic product (GDP) like grew by more than 6.4 percent, but the Cabinet official declined to give a specific number.

"Increase in government spending, infrastructure spending, and exports have improved. Agricultural exports have better performance," Pernia said.

He noted the peso depreciation gave consumers more spending power. "Remember, with the depreciation of the peso, families receiving remittances are able to spend more because of the higher conversion rate in favor of the peso," he said.

"There's more spending money. So I think all those are going to contribute to higher growth," he added.

In the first quarter of the year, the GDP grew by 6.4 percent from 6.6 percent in the fourth quarter of 2016 and 6.8 percent in the first quarter – also last year. — VDS, GMA News