Unlike many of its Asian peers, Southeast Asia's fifth-largest economy has remained resilient in the face of sputtering global demand, supported by strong domestic consumption, which continued to be underpinned by remittances and low inflation.
"As one of the countries with a respectable growth compared to other emerging Asian economies, the Philippines remains an attractive market and investment destination," Balisacan told a media briefing on Thursday.
But a worsening El Nino weather pattern, a slowdown in China and turmoil in its own markets and globally would likely make it more difficult for the government to meet its 7-8 percent growth target this year. Balisacan said the government was likely to cut the growth target, with a realistic goal around 6.0 to 6.5 percent.
Economists have penciled in 6 percent growth this year. Emilio Neri, economist at the Bank of the Philippine Islands, said: "Most critical is how the government delivers on its planned outlays."
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Following Thursday's GDP data, the Philippine central bank governor Amando Tetangco said there was no reason to change monetary policy given domestic demand remained solid.
The downturn in China, the Philippines' third-biggest export market, has hit many Asian economies reliant on shipments to the world's second-biggest economy.
Indonesia's economic growth in the second quarter, for instance, slowed to its weakest since 2009, and the economy of tiny, much more export-dependent Singapore contracted on an annualised basis.
But Philippine officials had said earlier Beijing's move to devalue the yuan may benefit global growth should it lead to higher Chinese exports in the near term.
"Considering you have all these global headwinds, you have election uncertainty and poor weather conditions, this (GDP number) is already an acceptable figure," said Bank of the Philippine Islands' Neri.