THE ECONOMY requires stronger industry spending if gross domestic product (GDP) is to move beyond its current growth track, the Bank of the Philippine Islands (BPI) said.
“Recent growth in the 5-6% range suggests that consumption alone is no longer enough to drive the economy forward. While domestic demand remains robust, the economy doesn’t produce a significant portion of what it consumes, reflecting its weakness in production. The industry sector must take a bigger role in supporting growth,” BPI Lead Economist Emilio S. Neri, Jr. said in a report.
The economy expanded by an annual 5.5% in the second quarter, hitting the lower end of the government’s 5.5-6.5% target for the year.
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