Philippine economy grows 6.4 percent in 2Q, officials expect to hit 2014 target

Economic Indicators Associated Press

Philippine officials say that the country's economy expanded by 6.4 percent in the second quarter and tied with Malaysia as the second fastest growing in Asia during the period.

Continue Reading Below

The government statistics agency reports Thursday that growth was higher than 5.6 percent posted in the first quarter, driven by industry, which grew by 7.8 percent, followed by services, which posted 6.0 percent growth.

Socio-Economic Planning Secretary Arsenio Balisacan says the economy is "back on the higher trajectory" and on track to hit its 2014 target of 6.5-7.5 percent growth in gross domestic product.

The first quarter growth was dampened by a major earthquake and Typhoon Haiyan that wreaked havoc in the central Philippines late last year.