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Philippine 1Q GDP disappoints, up 2.5pc

The Philippine economy grew a seasonally adjusted 2.5 percent in the March quarter from the previous three months, slightly below market estimates, but the central bank is still expected to keep its policy rate on hold at its June meeting.

Annual growth in the first three months of the year was 6.4 percent, the economic planning agency said on Thursday, faster than a market forecast of 4.6 percent.

Economists in a Reuters poll had forecast first quarter GDP growth would climb a seasonally adjusted 2.9 percent, the fastest quarterly pace in two years, picking up sharply from upwardly revised 1.7 percent in the final quarter of 2011.

(Source: CNBC)