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News Analysis: Philippine economy of the strongest in S.E. Asia
By Prime Sarmiento
MANILA, Aug. 30 (Xinhua ) -- The booming services sector combined with increased government spending pushed the Philippine economy to expand further in the second quarter, validating the resilience of this Southeast Asian economy.
Next only to Indonesia's 6.4 percent GDP growth, the Philippines' 5.9 percent growth rate for April to June is one of the most impressive economic performance in the Southeast Asian region.
Socioeconomic Planning Secretary Arsenio Balisacan said at Thursday's briefing that increased business confidence, strong employment creation, and accelerated government spending supported growth.
Trinh Nguyen, economist at the HSBC in Hong Kong, said the country's second quarter GDP growth "did not disappoint."
The second quarter growth reflects a "strong domestic demand that was supported by robust fiscal spending, resilient remittances, and record low interest rates," she said.
According to data issued by the National Statistical Coordination Board, the services sector which includes the booming outsourcing and tourism industries expanded...