MANILA -- Despite the economy's slowdown as reflected by the modest 6 percent gross domestic product (GDP) growth posted in the second quarter this year, Trade and Industry Secretary Ramon Lopez believes the Philippines is "still doing good."
Lopez told reporters that GDP growth in Q2 2018 took a blow from increasing price pressures, which has been rising since the start of the year.
He added that the slowing down of GDP growth is likely to be temporary.
“[Still] we are doing good,” he noted, adding that long term growth trajectory of the country remains bright.
These points were also affirmed by the Department of Finance (DOF) in its economic bulletin released Friday.
DOF said the economy took a breather in Q2 2018 but is expected to recover in the next quarters.
Even with the slowdown in growth in Q2 2018, the Philippines GDP growth remains one of the fastest in the region, only behind Vietnam with its economy rising at 6.8 percent and China at 6.7 percent for the same period. (PNA)
