The Philippine economy grew by 5.6 percent in the second quarter from a year earlier, slightly below the government’s target, officials said yesterday.
The figure brings growth in the first six months to 5.3 percent, down from 6.2 percent for the same period a year earlier. The economy grew 5 percent in first quarter.
Philippine Economic Planning Secretary Arsenio Balisacan said the government is now likely to miss this year’s full-year growth target of 7 to 8 percent, with 6 to 6.5 percent growth looking more realistic.
Photo: AFP
He called the second-quarter figure “respectable,” saying it reflects a boost in government spending, especially public construction, which grew 20 percent from a 24 percent contraction in the first quarter after efforts to address spending bottlenecks. Private investment, robust exports,and household consumption also contributed to growth.
“Despite the GDP number hitting slightly below the government’s target, we recognize that it is much more important to ensure that the growth momentum is sustained,” Balisacan said.
He said “the quality and the rate of current growth” might help the Philippine economy “withstand the volatile markets overseas.”
He said the government needs to address challenges to ensure sustainable growth, including developing transportation networks and power, as well as being able to respond better to natural disasters.
Separately, property, retail and banking tycoon Henry Sy (施至成) whose conglomerate owns the chain of SM Supermalls in the Philippines and China, has retained the title of the Philippines’ richest person for the eight consecutive year, with his net worth up US$1.7 billion from last year to US$14.4 billion.
Forbes Philippines, which puts together the list, said yesterday that the value of Sy’s publicly traded conglomerates SM Investments rose 17 percent and SM Prime Holdings 20 percent over the past year.
His companies announced record income from banking and retail businesses and two new mall partnerships last year. Sy also has a stake in privately owned power supplier National Grid Corp.
John Gokongwei Jr of JG Summit conglomerate that owns SM’s rival, mall chain Robinsons, is the second-richest with a net worth of US$5.5 billion. Forbes said he moved up three spots after his company’s stocks rose 30 percent, boosted by revenue growth in its petrochemical business and investments in Meralco, the Philippines’ largest power distributor.
Alliance Global’s Andrew Tan (吳聰滿) climbed a notch to the third place despite a drop in his net worth to US$4.5 billion from the previous US$5.1 billion.
Lucio Tan (陳永栽) of LT Group, whose businesses include stakes in beverages, tobacco, distilled spirits, banking and property, was fourth with a net worth of US$4.3 billion, while the fifth was International Container Terminal Services’ Enrique Razon Jr, who is worth US$4.1 billion. Rounding out the top 10 are are George Ty (鄭少堅), the Abotiz Family, Jaime Zobel de Ayala, David Consunji and Tony Tan Caktiong (陳覺中).
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