The Philippine economy posted 5.9% growth for the second quarter of 2012. The percentage is significantly higher than the 2011 Q2 figure but is still lower than the 6.3 percent growth posted in 2012’s first quarter. 

Last year’s second quarter growth percentage was 3.6. This year’s second quarter figure is said to be closer to what analysts projected. 

According to the National Statistical Coordination Board (NSCB), this year’s first half showed faster growth at 6.1 percent compared to last year’s 4.2 percent growth for H1.

In an interview published in Philippine broadsheet Business World, NSCB officer-in-charge Lina V. Castro explained that the “resilient service sector remained the driver of growth.”

Arsenio M. Balisacan, Socioeconomic Planning chief, pointed out that the Philippines’ Q2 figure for this year is higher than those posted by Malaysia (5.4 percent), Thailand (4.2 percent), Vietnam (4.4 percent), and Singapore (2.0 percent). 

In the same interview published in Business World, Balisacan added that the Philippine economy “remains cushioned, resilient with sound macroeconomic fundamentals. The government will continue to accelerate spending.” 

Balisacan also said that the Philippine government’s GDP growth target for 2012 is still 5-6 percent and this target won’t be revised. 

The impact of typhoons on the agriculture sector for this third quarter, according to the Socioeconomic Planning chief, would be “modest.”

He added that in response to the floods, the Philippine “government is speeding up investments in construction and rehabilitation. And that should help our economic growth.”