PH economic growth revised up to 12% in Q2

The Philippines' second-quarter economic growth rate has been revised upward to 12.0% by the Philippine Statistics Authority (PSA).

This upward revision was mainly due to faster growth observed in the education sector, financial and insurance activities, and the construction industry.

Previously, the PSA had announced an 11.8% growth rate for the second quarter, which was a 32-year high, driven primarily by construction and the trade of motor vehicles.

Specific sector revisions include education growing to 12.6% from a previous 10.0%, financial and insurance activities to 5.2% from 4.2%, and construction to 27.1% from 25.7%.

Conversely, the growth rate in net primary income from the rest of the world was slightly revised downward to -54.4% from -53.8%.

The gross national income (GNI) saw an upward revision to 6.8% from 6.6%.

The PSA is scheduled to release the third-quarter economic growth figures on November 9.