MANILA, Philippines (5th UPDATE) – Boosted by a strong start to 2016, the Philippine economy grew 7% in the second quarter of the year.
The latest gross domestic product (GDP) figure announced by Socioeconomic Planning Secretary Ernesto Pernia on Thursday, August 18, builds on the 6.8% growth recorded in the first 3 months of the year, which made the Philippines the fastest growing economy in the region.

Thursday's announcement of the 7% growth fell within market expectation of growth between 6.5% and 7%.
Data for India, he added, is not yet available but some forecasts put it above 7%.
Pernia also said the latest figures give government confidence that it would be able to hit the official government target of 7-8% for the entire year of 2016.