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Philippines' second-quarter economic growth revised upward to 12.0%

The Philippines on Monday announced the upward revision of the second-quarter economic growth rate to 12.0%, citing faster growth in education, financial and insurance activities, and construction.

The Philippine Statistics Authority (PSA) in August announced a 32-year-high growth rate of 11.8% in the second quarter, largely driven by construction and trade of motor vehicles.

According to the PSA, major contributors were the growth rates in education to 12.6% from 10.0%; financial and insurance activities to 5.2% from 4.2%; and construction to 27.1% from 25.7%.

The growth rate in net primary income (NPI) from the rest of the world was revised downward to -54.4% from -53.8%, while the growth rate in gross national income (GNI) was revised upward to 6.8% from 6.6%.

The third-quarter economic growth figures are set to be released by the PSA on Tuesday, November 9. —KG, GMA News