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MANILA (Reuters) - The Philippine economy is "broadly in line" to grow within the government's target of 6.5-7.5 percent for the year despite a slower-than-expected expansion in the first quarter, its economic planning minister said on Thursday.
"Our Q1 performance bodes well for the economy because it is broadly in line with the 6.5-7.5 pct target for this year," Ernesto Pernia told a news conference.
The Southeast Asian economy, one of the world's fastest growing, expanded 6.4 percent in the first quarter from a year earlier, the slowest pace in 1-1/2 years and below market expectations.
Reporting by Neil Jerome Morales; Writing by Manolo Serapio Jr.; Editing by Jacqueline Wong