view source www.nscb.gov.ph/sna/2012/2nd2012/2012qpr2.asp
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In a press briefing in Malacañang, Presidential Communications Development and Strategic Planning Secretary Ramon Carandang said that the 5.9 percent growth rate posted by the country in the second quarter was still within the growth range of 5-6 percent projected by the government economists.
“Yes… we’re very happy with 5.9 percent economic growth because number one, it exceeded the market expectations. The consensus estimate was around 5.3 percent, so we’ve done that,” Carandang said.
He added that the modest growth rate posted by the country is still one of the highest in the region which, with the rest of the world, has been reeling from the effects of a global economic downtrend.
“Number two, it is among the highest in Asia, among our peers. At a time when there is a lot of economic uncertainty, our economy continues to show relative strength,” Carandang said.
“So, yes, we are very happy about it,” he added.