Second quarter economic growth was actually a higher 6.7 percent instead of 6.5 percent, the Philippine Statistics Authority (PSA) announced on Wednesday ahead of today’s release of third quarter results. Financial intermediation, construction, and real estate, renting and business activities were the three biggest contributors to the upward revision, the PSA said in a statement. “Net Primary Income from the Rest of the World had a downward revision of 7.0 percent from 8.6 percent. The Q2 revision brings the first semester result to 6.6 percent, within the government’s 6.5-7.5 percent target for 2017. Earlier this month, Socioeconomic Planning Secretary Ernesto Pernia expressed confidence that the economy had picked up pace in the July-September period.

Source: Manila Times November 15, 2017 17:26 UTC