‘Full-year target a challenge’

The government admits it will be a challenge for the Philippines to reach the 6.5 percent to 7.5 percent economic growth target for full-year 2014 after a third-quarter slowdown brought the pace of activity to 5.3 percent.

The National Economic and Development Authority (NEDA) said the easing of growth in the previous quarter is likely to have dragged the expansion in gross domestic product (GDP) for the whole nine months to September to 5.8 percent. That compares with 7.5 percent achieved in the first three quarters of 2013, according to data from the Philippine Statistical Authority (PSA).