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.

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

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

NSCB reports also showed that the Q2 growth helped bring the country’s GDP growth in the first six months of 2013 to 7.6 percent, compared to 6.4 percent in the same period last year.

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

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