Malacañang said it is “very happy” with the 5.9 percent economic growth rate for the second quarter, and that there is no need for the government to revise its growth targets in light of the news.

“Number one, it exceeded the market expectations. The consensus says it [would be] about 5.3 percent. So we’ve done that,” Communications Secretary Ricky Carandang said in a Palace press briefing on Thursday.

“Number two, it is among the highest in Asia, among our peers. At a time when there’s a lot of economic uncertainty, our economy continues to show relative strength,” he continued.

Carandang also said the second quarter GDP growth rate, added to that of the first quarter, averages to 6.1 percent, just above the 5-6 percent the government projected.

Because of these developments, Carandang said the government does not see the need for a revision of its economic growth targets.

“I think if you see what happened in the second quarter there’s no reason for us to revise our targets at this point,” he said.

The National Statistical Coordination Board (NSCB) reported the second quarter growth rate earlier in the day.

“The domestic economy accelerated in the second quarter of 2012 to 5.9 percent from 3.6 percent recorded the previous year, boosting the first semester growth to 6.1 percent from 4.2 percent,” it said in a statement prepared by Lina V. Castro, Officer-in-Charge of the NSCB’s Office of the Secretary General.

The report also said the country’s services sector remained the main reason for the economic growth.

Carandang said there are always factors that may slow the Philippines’ growth, such as the euro zone crisis in Europe, and the United States’ economic situation, but remained hopeful for what will happen by the end of the year.

“There’s always the caveat that I give that the global economic environment, what’s happening in the United States, what’s happening in Europe particularly Greece and Spain and the other countries there cannot always be predicted or prepared for,” he said.

“But given that I think our targets have proven to be realistic and perhaps maybe even conservative. First half was above the target, ano. Let’s see what happens in the second half,” he continued. — BM, GMA News