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Economy grows 7 pct in 2Q as Duterte pledges inclusive growth

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ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="http://sa.kapamilya.com/absnews/abscbnnews/media/2016/nation2/08/18/jeepney-people.jpg"/><figcaption><div class="embed-desc">Residents ride on top of an overcrowded jeepney along a highway in Mogpog town on Marinduque island. Erik de Castro, Reuters</div></figcaption></figure></div>MANILA - (UPDATE) The economy expanded by 7 percent in the second quarter, surpassing analysts expectations, as election spending offset weak demand for exports, the government said Thursday.The three-month expansion in gross domestic product (GDP) was the fastest in three years and maintained the Philippines status as Asia&#x27;s fastest-growing economy. China reported growth of 6.7 percent during the same period.Second quarter growth beat the revised 6.8-percent expansion in the first three months of the year and a Reuters forecast of 6.7 percent for the April to June period.This also brought GDP growth to 6.9 percent in the first six months of the year, the tail-end of former president Benigno &#x27;Noynoy&quot; Aquino III&#x27;s term.His successor, President Rodrigo Duterte, takes over stewardship of the economy for the rest of the year with a vow to uplift the lives of a quarter of the country&#x27;s 100 million population that still live in poverty and have not felt the gains in one of Asia&#x27;s fastest-growing economies.&quot;This is the puzzle we have to face. The big puzzle is that everybody has been talking about faster economic growth but slow reduction in poverty,&quot; Economic Planning Secretary Ernesto Pernia said before the GDP figures were released.&quot;That has been the sad commentary regarding our economic growth performance. Growth has not been broadly shared,&quot; he said.<figure class="op-interactive"><iframe width="560" height="315" src="https://www.youtube.com/embed/B9UkfEj1cqs" frameBorder="0" allowfullscreen=""></iframe></figure>Pernia said a new economic road map that would cover Duterte&#x27;s six-year term, which ends in 2022, will be finished by the end of the year.This will be anchored on Duterte&#x27;s 10-point development agenda, which includes restoring peace and order, revamping the tax system, spreading development to the regions, and curbing population growth, he said.&quot;It&#x27;s an upbeat start for the current administration,&quot; Pernia said in Davao on Thursday after the second quarter figures were announced.&quot;The previous administration gave us a strong and stable economy that we can build on further by maintaining the sound macroeconomic and fiscal policies already in place,&quot; he said.Pernina said the economy was on track to meet the government&#x27;s 6 percent to 7 percent GDP growth target for the full year.

MANILA - (UPDATE) The economy expanded by 7 percent in the second quarter, surpassing analysts expectations, as election spending offset weak demand for exports, the government said Thursday.

MANILA - (UPDATE) The economy expanded by 7 percent in the second quarter, surpassing analysts expectations, as election spending offset weak demand for exports, the government said Thursday.