Philippines’ Socioeconomic Planning Secretary: Q1 GDP Probably Grew 1.8%-2.8% From Last Year

(RTTNews) - The Philippine economy probably grew 1.8%-2.8% in the first quarter from the previous year, Socioeconomic Planning Secretary Ralph Recto said Thursday.

Speaking to reporters, Recto said the government is confident of reaching its full year growth target of 3.1%-4.1%. Higher remittances from overseas Filipinos will pave the way for the economy to expand in line with expectations.

He noted that the services sector may have grown 3%-4% in the first three months from the same period a year ago, agricultural sector have expanded 1.5%-2.1% and industrial sector by 0.1%-1.5%.

“We are confident of these numbers,” Recto said. He added that growth in the second quarter will be better than the expected expansion for the first quarter thanks to easing inflation.

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