World

Philippines posts 7.5 percent growth in second quarter

The Philippines’s economy grew 7.5 percent in the second quarter of this year, 1.2 percent higher than the same period last year’s level, the country’s National Statistical Coordination Board (NSCB) said on August 29.
The Philippines’s economy grew 7.5 percent in the second quarter of thisyear, 1.2 percent higher than the same period last year’s level, thecountry’s National Statistical Coordination Board (NSCB) said onAugust 29.

NSCB attributed the impressive economic growth to increases in public and consumer spending.

The board said this is a positive signal for the Philippines inthe context of declining stock and monetary markets as foreign investorspull out of emerging economies in expectation of an end to the USFederal Reserve's stimulus.

NSCB reports alsoshowed that the Q2 growth helped bring the country’s GDP growth in thefirst six months of 2013 to 7.6 percent, compared to 6.4 percent in thesame period last year.

The service sector, with agrowth of 7.4 percent, remains a key factor in promoting thePhilippines’ economic growth. Besides, the production andconstruction sectors, which grew 10.3 percent and 17.4 percentrespectively, also pushed the country’s industrial sector up 10.3percent.

Experts says with this speed, the Philippine economy is now expanding faster than any others in Southeast Asia.-VNA
Follow VietnamPlus

See more

At Pulau Seraya power station (Photo: Straitimes)

Singapore begins construction on hydrogen-fueled power plant

Singapore on October 23 began the construction of an 800 million USD power plant that has the capability to use hydrogen to generate electricity, as part of a push to utilise the fuel to reach Singapore’s net-zero carbon emissions target by 2050.

Delegates at the event (Photo: VNA)

125th anniversary of Permanent Court of Arbitration celebrated

The Permanent Mission of Vietnam to the United Nations and missions of the Philippines, Australia, Egypt, Guatemala, Hungary, Thailand, France, Eritrea and Austria, organised a ceremony on October 22 to celebrate the 125th anniversary of the Permanent Court of Arbitration (PCA), as part of the International Law Week at the UN General Assembly's Legal Committee (Sixth Committee).

CEO of the Malaysia Digital Economy Corporation Anuar Fariz Fadzil (Photo: focusmalaysia.my)

Malaysia continues placing emphasis on digitalisation

The Budget 2025 provides significant support to further accelerate Malaysia’s digitalisation, encourage adoption of artificial intelligence (AI) and drive inclusive growth, further positioning Malaysia as a leading digital hub within the ASEAN region, according to CEO of the Malaysia Digital Economy Corporation (MDEC) Anuar Fariz Fadzil.

Malaysia's economic reforms boost investment inflow (Photo: thestar.com.my)

Malaysia's economic reforms boost investment inflow

Malaysia has attracted substantial foreign investments, reaching 22.2 billion MYR (5.16 billion USD) in the third quarter of 2024, the highest level for the same period since 2012, according to UOB's Global Markets and Economics report.

Ambassador Dang Hoang Giang, Permanent Representative of Vietnam to the UN speaks at the debate (Photo: VNA)

Maintaining peace, stability a must for progress on human rights: Ambassador

Progress in human rights can only be achieved by maintaining peace and stability, respecting the rule of law at both the international and national levels, and ensuring respect for the principles of national sovereignty and non-interference in internal affairs, said Ambassador Dang Hoang Giang, Permanent Representative of Vietnam to the UN.

A visitor browses travel promotions at a travel fair in Nonthaburi province. (Photo: Bangkok Post)

Thailand plans enhanced support for domestic tourism

Thailand’s Ministry of Tourism and Sports is aiming to increase subsidy to local tourists in the upcoming stimulus scheme to 50% and would like to change the criteria for online travel agents, mandating them to register in Thailand to avoid losing income to foreign companies.

Oil field offshore Indonesia. (Photo: thejakartapost.com)

Indonesia begins major oil, gas exploration in Sulawesi

Indonesia's state-owned oil company Pertamina, along with foreign partners Sinopec from China and Kuwait’s Kufpec, has signed a contract to explore the Melati oil and gas block, located off the coast of Sulawesi. The block is estimated to contain trillions of cubic feet of gas reserves.