Philippine shares rally as GDP growth proves resilient

Philippine Q3 GDP: +7% versus +7.1% expected and +7.6% previous.

Thursday's data marks the fifth consecutive quarter (see Q2) the Philippine economy has expanded by at least 7%.

Although forecasters expect Typhoon Haiyan to take a toll on Q4 growth, the nation's economy should continue to put up relatively impressive numbers going forward. "Inflation is benign, credit is cheap, and domestic demand is strong," one HSBC economist quoted by Bloomberg says.

Philippine shares (EPHE) close 1.9% higher on the session.

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