The Philippine economy registered a growth of 5.2% in the first quarter of the year, “lower than what the government and the market expected for the period,” Economic Planning Secretary Arsenio Balisacan said. The figure was lower than the 5.6% growth of the gross domestic product in the same period in 2014, and down from 6.6% in the fourth quarter of 2014. “Despite this lower-than-expected growth, it is reasonable to believe that the economy will grow at a faster rate in the remaining quarters,” the secretary said, citing “vibrant” private sector economic activity. The Philippine Stock Exchange Index was down following the announcement of the lower-than-expected GDP growth.
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