Philippines economy grows 7.1 pct

MANILA - The Associated Press

Philippine economic growth accelerated to 7.1 percent in the third quarter, among the fastest in Asia despite headwinds from overseas, officials have said.

Socioeconomic Planning Secretary Arsenio Balisacan said Wednesday that household spending, a continued rebound in exports, public construction and higher farm output boosted growth.

He says the economy grew 6.5 percent for the first nine months of the year and is likely to exceed the government’s 5-6 percent growth target for 2012.