The National Economic and Development Authority (NEDA) said the expected second quarter growth of 5.2-6.1 percent is well within the government’s target of a 4.9 to 5.8 percent gross domestic product (GDP) growth to be achieved this year.

The NEDA said that although the second quarter growth is below the first quarter year-on-year GDP growth of 6.4 percent, early indicators in industry and services, such as stronger Meralco and appliance sales, heightened exports production, and higher visitor arrivals, give reason to be optimistic.

The NEDA reported that Meralco sales went up to 3.8 percent from the 2.2 percent posted in the previous quarter, while appliance sales posted 10 percent and 4.9 percent growth rates for the first and second quarters of this year respectively,.

Exports production also soared to 10.8 percent from the first quarter growth of 6.3 percent, while visitors’ arrivals skyrocketed with a 53. 2 percent growth compared to the first quarter performance of only 17 percent.

While major crops, such as palay and corn, held up strong first quarter performances, the NEDA said dampened production in other crops, livestock and poultry pulled down agriculture performance during the period.

The NEDA said the National Statistics Coordination Board (NSDB) would release the actual second quarter growth rate at the end of the month.

Earlier, the Bangko Sentral ng Pilipinas (BSP) also reported that business confidence level for the second half of the year is buoyed by the relatively stable political environment, generally stable peso-dollar exchange rate, increasing demand for Philippine products and services in local and international markets.

The Business Expectation Survey of the BSP also showed that employment is expected to increase in the third quarter with the planned expansion of several respondents from the industry, construction, wholesale and retail trade and services sectors across the country.

The BSP said companies also expect the peso to strengthen, and higher remittances from the overseas Filipino workers (OFWs) would continue to support the economy.