Philippine economy grows 5.7pc in Q1

MANILA, May 09 (AFP): The Philippine economy grew slightly less than expected in the first three months of the year, data showed Thursday, owing to persistent inflation and a widespread drought.

The 5.7 per cent expansion in January-March was well down from the 6.4 per cent posted in the same period last year earlier but a slight improvement on the previous three months, national statistician Dennis Mapa told reporters.

The reading was also below the median analysts' forecast of 5.9 per cent, which Ser Percival Reyes of the ACERD told AFP was "quite disappointing".