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Duterte's Philippines

Philippines Q3 growth surprises despite weaker consumption

Tax reform plan aimed at boosting private sector spending

Consumer spending continued to buoy the Philippine economy in the third quarter.   © Reuters

MANILA -- The Philippine economy grew 6.9% in the third quarter despite a deceleration in consumer spending, the country's main driver, the government reported on Thursday.

The third quarter performance brought the country's gross domestic product growth to 6.7% in the first nine months, within its goal of 6.5-7.5%. The result makes the Philippines the second fastest-growing major economy in Asia after Vietnam, which grew 7.46% in the third quarter.

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