{"id":176145,"date":"2018-08-11T01:48:10","date_gmt":"2018-08-11T05:48:10","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=176145"},"modified":"2018-08-11T01:48:10","modified_gmt":"2018-08-11T05:48:10","slug":"ph-economy-get-back-track-q2-breather-dof","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2018\/08\/11\/ph-economy-get-back-track-q2-breather-dof\/","title":{"rendered":"PH economy to get back on track after Q2 ‘breather’: DOF"},"content":{"rendered":"
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The Department of Finance (DOF) is still optimistic that the Philippine economy’s momentum will get back on track after it \u201ctook a breather\u201d in the second quarter of 2018. (ShutterStock photo)<\/figcaption><\/figure>\n

MANILA\u00a0— The Department of Finance (DOF) is still optimistic that the Philippine economy’s momentum will get back on track after it \u201ctook a breather\u201d in the second quarter of 2018.<\/p>\n

From April to June this year, the economy registered a 6 percent expansion, as measured by gross domestic product (GDP), slower than the previous quarter\u2019s 6.6 percent.<\/p>\n

In an economic bulletin, the department said the slower growth in the second quarter was due to the deceleration of the manufacturing sector from 7.6 percent from January to March this year to 5.6 percent; and the agriculture sector, which grew by 0.2 percent from 1.1 percent in the previous quarter.<\/p>\n

Despite this development the bulletin said \u201cthere is a silver lining\u201d after noting the 20.7 percent rise in capital formation on the back of the 28.6 percent increase of durable equipment.<\/p>\n

Also, it cited the recovery of exports after it grew 13 percent from quarter-ago\u2019s 6.5 percent.<\/p>\n

\u201cThese imply that the economy will be able to recover lost ground in the next quarters as the equipment and factories set up in the second quarter will start operations,\u201d it said.<\/p>\n

With faster output needed in the second half of the year to meet the government\u2019s seven to eight percent target, the bulletin said investment needs greater focus.<\/p>\n

\u201cGovernment should keep its focus on enhancing the country\u2019s long-term prospects by increasing the economy\u2019s productive capacity (through infrastructure and social services) while maintaining macroeconomic stability,\u201d it said.<\/p>\n

The current government has identified 75 priority projects under its infrastructure program called \u201cBuild, Build, Build\u201d and these are seen to ensure sustained and long-term growth of the domestic economy.<\/p>\n

It targets to spend at least PPH8 trillion until the end of its term in 2022 for these projects, some of which will be financed by official development assistance (ODA) funds.<\/p>\n

DOF’s bulletin added that \u201cwhile CPI (consumer price index) inflation has remained elevated, the broader GDP deflator-based inflation shows a 3.1 percent price increase for all consumer and investment goods.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

MANILA\u00a0— The Department of Finance (DOF) is still optimistic that the Philippine economy’s momentum will get back on track after …<\/p>\n","protected":false},"author":33,"featured_media":14546,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-176145","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","mauthors-joann-villanueva","mauthors-philippine-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/176145","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=176145"}],"version-history":[{"count":0,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/176145\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/14546"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=176145"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=176145"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=176145"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}