MANILA – The Philippine government is ready to support growth if needed, with the state stepping up spending on public infrastructure, ensuring that growth this year will be closer to the high end of a target of 5 to 6 percent, the economic planning secretary said on Wednesday.
Arsenio Balisacan told reporters, following the release of data showing gross domestic product grew 5.9 percent in the second quarter from a year ago, that increasing diversification of the country’s trading partners would cushion the risks of slowing demand from the Philippines’ traditional export markets.
He also said recent monsoon rains and typhoons would have a “modest impact” on growth. –Reuters
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