Philippine economy posts slowest growth in five years in second quarter

MANILA, Aug 7 : The Philippine economy grew at its weakest annual pace since 2021 in the second quarter due to a slump in construction and softer domestic demand, but the government said there were some signs that activity may improve in the second half of the year.Growth slowed to 2.3 per cent in the June quarter, the statistics agency said, below the 2.8 per cent median forecast in a Reuters poll and weaker than the previous quarter's 2.8 per cent expansion.Growth in the first six months of the year was 2.6 per cent, well below the bottom of the government's 3.5 per cent-4.5 per cent full-year target."While the second-quarter result calls for decisive actions, recent indicators give us reason for cautious optimism that the economy may already be entering the early stages of recovery," Ec