MANILA—The Philippines' economy grew strongly in the second quarter, underscoring how some Asian countries are riding out the current turmoil in emerging markets due to healthier fundamentals.

Gross domestic product, the broadest measure of economic activity, grew 7.5% on year in the quarter. GDP expanded 5.7% on the previous quarter on a seasonally adjusted annualized basis.

The data helps explain why investors have not punished Philippines assets to the same degree as other emerging Asian nations in the current emerging markets sell-off.

The Philippines, unlike its Asian peers, is viewed as having managed its economy more conservatively during the period of easy global money that followed the 2008 global recession.

Countries like Indonesia, Thailand and Malaysia, which used easy credit to fund investments and consumption, are now running large current account deficits. Exports of commodities from these nations to China have declined, while credit growth has remained high.