MANILA: The Philippines’ economy expanded by 7.4% on an annual basis in the second quarter, a period that saw further relaxation of Covid restrictions and election-related spending.
The data, reported by the statistics agency on Tuesday, follows a revised 8.2% expansion in the first quarter and 12.1% growth in the second quarter of last year.
President Ferdinand Marcos Jr, who won the May 9 election in a landslide, has said he aims to grow the economy between 6.5% and 7.5% this year. His target, which comes on the back of accelerating inflation, is slightly lower than a goal set by his predecessor Rodrigo Duterte’s economic team.
The new president, who assumed office on June 30, has vowed to prioritise reforming the agriculture sector amid fears of food shortages due to the Ukraine war.