Philippines posts Q3 GDP growth of 7.6%

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MANILA – The Philippine economy expanded 7.6% in the third quarter from a year earlier, the statistics agency said on Thursday.

On a quarter-on-quarter basis, gross domestic product (GDP) growth was 2.9% compared with the 0.1% contraction in the previous three month period.

Socioeconomic Planning Economic Planning Secretary Arsenio M. Balisacan said on Thursday the country was on track to meet this year’s 6.5% to 7.5% growth after the economy’s faster-than-expected growth in the third quarter. — Reuters