Philippine Q1 GDP Growth Revised to 5.8% Amid Sectoral Gains

MANILA — The Philippine Statistics Authority (PSA) has adjusted the first quarter GDP growth rate of the Philippines upward to 5.8%, marking a slight increase from the previously reported 5.7%.

According to Philippines News Agency, the revision was primarily driven by stronger performances in key sectors. Notably, financial and insurance activities experienced a growth increase from 10% to 10.3%, while wholesale and retail trade, including motor vehicle and motorcycle repairs, improved from 6.4% to 6.6%. Additionally, significant growth was seen in the electricity, steam, water, and waste management sectors, which saw an increase from 6.3% to 6.9%.

Further revisions were noted in the Gross National Income, which was adjusted from a 9.7% annual growth rate to 9.8%, and the Net Primary Income from the Rest of the World, which was corrected from 57.0% to 57.6%. The PSA emphasized that these adjustments are part of a standardized revision policy aligned with international practices on national accounts revisions.

The PSA is scheduled to release the data on the second quarter Philippine economic growth tomorrow.