The economy likely grew over 7 percent in the second quarter, stronger than 6.9 percent a quarter ago, as different indicators show a more robust outlook in the period, a high-ranking Bangko Sentral ng Pilipinas official said Friday.
Deputy Governor Diwa Guinigundo cited higher vehicle and energy sales and the positive results of business expectations survey and consumer expectations survey.
“It could be higher based on those indicators,” Guinigundo said. Joint data from the Chamber of Automotive Manufacturers of the Philippines and Truck Manufacturers Association showed car sales in June jumped 36 percent to 32,993 units from 24,185 year-on-year on the back of attractive financing deals and promotional packages.
The figure brought car sales in the first half of 2016 to 167,481 units, up 27 percent from 131,465 units on year.
Meanwhile, the Business Expectations Survey in the second quarter showed the overall confidence index rose to 48.7 percent from 41.9 percent a quarter ago, indicating more businesses were optimistic on the country’s economic prospects for the second quarter.