Philippine economy rebounds, joins Asia top performers

MANILA, Aug 28 (AFP): The Philippine economy rebounded to post 6.4-per cent growth in the second quarter and regain its status as one of the strongest in Asia, authorities said Thursday.
The private sector took the lead as the economy recovered from a relatively modest expansion of 5.6 per cent in the first quarter, which was partly due to the impact of devastating natural disasters, economic chiefs said.
"This higher growth rate, coming from a high base a year ago, shows that the economy is back on the higher trajectory of growth," Economic Planning Secretary Arsenio Balisacan said.
"We remain as one of the bright spots in the region, the second-fastest-growing economy among major Asian countries for the period, tied with Malaysia's performance."
He cited the strong performances of the industry, services and exports sectors for much of the recovery, offsetting lower government spending that was partly due to "administrative bottlenecks".
The latest figures brought growth for the first half of 2014 to 6.0 per cent and boosted optimism that the country would still attain its target of 6.5 to 7.5 per cent growth for the whole year, Balisacan said.
Independent economists gave guardedly optimistic assessments for the Philippines, a nation of 100 million people which in recent years has seen its economy surge after long lagging behind most of its Asian neighbours.