By Luisa Maria Jacinta C. Jocson, October 9, 2023; Business World,faster%20than%20the%20first%20half.

The Philippine Economy is expected to perform “much better” in the second half of 2023, as the government ramps up spending, Finance Secretary Benjamin E. Diokno said.

“The second half of growth will be faster than the first half. Because historically also, the fourth quarter is where most infrastructure projects are done,” he said in a press briefing on Friday.

In the second quarter, the Philippine economy grew by 4.3% — its slowest growth in over two years, due to weaker household consumption and a contraction in government spending.

This brought first-half gross domestic product (GDP) to 5.3%, still below the government’s 6-7% target.

National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan in a separate briefing on Friday said that attaining the 6% growth was still “very much doable.”