The Philippine economy grew 5.6% in the second quarter of the year, fighting a regional slowdown thanks to robust government spending, strong performance of the services sector with positive growths exhibited by the Trade, Real Estate, Renting, Manufacturing and Construction sectors. Even though the second quarter growth is higher than the first quarter gross domestic product (GDP) performance of 5%, it still lags behind the government's and economists' forecasts.
With the country’s projected population reaching 101.4 million in the second quarter of 2015, per capita GDP grew by 3.8% from 4.9% in the same quarter of 2014. Per capita Gross National Income (GNI) grew by 3.3% and per capita Household Final Consumption Expenditure grew by 4.4% from last year’s growth of 5.1% and 3.9%, respectively.
Unlike many of its Asian peers, China's economic slowdown, economists forecast that it will have small impacts to the country. While the country's trade with China has risen significantly in recent years, China’s share in the Philippines' total trade with the world only accounts for 12%, reflecting a diversified trading position. As one of the countries with a respectable growth compared to other emerging Asian economies, the Philippines remains an attractive market and investment destination for foreign investors.