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Philippine economy grew 6 percent in 3Q as services expanded
A Filipino boy carries items from burned homes after a fire in a residential area in Mandaluyong, east of Manila, Philippines on Wednesday, Nov
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A Filipino boy carries items from burned homes after a fire in a residential area in Mandaluyong, east of Manila, Philippines on Wednesday, Nov. 25, 2015. Mandaluyong City Fire Marshall Nahum Tarroza said about 1,000 homes were gutted during the fire. The cause of the fire is still being investigated. (AP/Aaron Favila) (AP/Aaron Favila)
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span class="inline inline-center">A Filipino boy carries items from burned homes after a fire in a residential area in Mandaluyong, east of Manila, Philippines on Wednesday, Nov. 25, 2015. Mandaluyong City Fire Marshall Nahum Tarroza said about 1,000 homes were gutted during the fire. The cause of the fire is still being investigated. (AP/Aaron Favila)
Officials say the Philippine economy expanded 6 percent in the third quarter and forecast the same growth rate for the full year.
The main driver of the economy in the third quarter was service industries, which expanded 7.3 percent. That was the fastest pace since 2013.
Agriculture grew 0.4 percent compared with a decline of 2.6 percent a year earlier.
Economic Planning Secretary Arsenio Balisacan said Thursday the data is "an encouraging sign of a steadily growing economy" and makes "6 percent full-year growth very much likely with even better prospects for the last quarter."
Second-quarter growth was revised to 5.8 percent from 5.6 percent. (+)
