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Philippines is broadly in line with 2017 growth target: minister
May 18, 2017 / 2:47 AM / 7 months ago

Philippines is broadly in line with 2017 growth target: minister

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.

Economic Planning Secretary Ernesto Pernia listens during an interview with Reuters in Manila, Philippines December 5, 2016. REUTERS/Czar Dancel

“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

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