The Philippine economy roared ahead with a faster-than-expected growth rate of 7.7 percent, well on track toward meeting its 1996 target of 6.5 to 7.5 percent. This was the fastest the Philippines' gross national product (GNP) has grown in six years and much higher than the 6.2 percent growth shown in the first quarter of the year.
NEDA officials attributed the economy's fast growth to the strong domestic production, especially the recovery of the agricultural sector; rising consumption; and larger remittances of money by Filipinos working abroad. In addition, the government's actions for economic reform and political stability also contributed to their robust performance of the country's economy.
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