Goods and services exports posted double-digit growth of 13 percent from 6.5 percent in the first quarter.

Finance Secretary Carlos Dominguez III said the public should look at the bigger picture before assuming the economy is in trouble with the lower-than-expected 6.0 percent gross domestic product (GDP) in the April-to-June quarter, adding the Philippines is still among the fastest growing economies in Asia.

“Fiscal strategy remains to be prudent, sustainable and supportive of the government’s development objectives,” he said. “This administration is committed to long-term fiscal sustainability. Be assured we continue to exercise fiscal responsibility and maintain sound fiscal policies to support higher and more inclusive growth.”

According to the DoF’s second-quarter economic bulletin, capital accumulation skyrocketed by 20.7 percent and there was a 28.6-percent acceleration in durable equipment as well.

In addition, goods and services exports posted double-digit growth of 13 percent from 6.5 percent in the first quarter. Triple digit gains were recorded in consumer electronics and office equipment.

At Thursday’s news conference, Socioeconomic Planning Secretary Ernesto Pernia expressed confidence the resumption of Boracay Island’s operations should help reignite economic activity as tourist activities generate jobs and other opportunities in the region.

However, the stagnant output of the agricultural sector worries the National Economic and Development Authority chief as he requested the Department of Agriculture to conduct a comprehensive review and reform of its policies and programs that restrict access to and the use of land, access to technology and extension services as well as financial assistance.