The Philippines became Asia’s second fastest growing economy in Asia in the second quarter of the year, with the country posting a 6.4% growth in its Gross Domestic Product (GDP). The private sector led the economic charge, coming from a 5.6% Q1 growth. Economic Planning Secretary Arsenio Balisacan, during the announcement of the Q2 GDP growth rate, said the country is “back on a higher trajectory of growth.” Despite this good number, analysts are still a bit cautious, saying there are still a lot of challenges ahead for the country, which was once considered as one of the region’s economic laggards.
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