Philippine GDP growth hits 6.5% in Q2

Thanks to higher domestic consumption and government spending.

The Philippines' GDP growth hit 6.5% YoY, stronger than the consensus of 6.4% yoy.

According to OCBC Treasury Research, growth has been ushered in by strong domestic consumption and government spending, exceeding 6% for the eighth consecutive quarter.

Manufacturing growth reached 7.91%, higher than 7.58% in the last quarter, whilst services dipped to 6.05% from Q1's 6.69%.

OCBC said, "Newsflow from the BSP suggest that the central bank stands ready to hike rates if growth overheats. We think this is unlikely this year given fading inflation pressures."

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