(MENAFN) Philippine's economy dropped in the first quarter on major earthquake and Typhoon Haiyan. However, it is expected to reach its target for 2014, according to Arab News.
The country's gross domestic product boosted by 5.7 percent in the first three months of the current year compared to 7.7 percent in the same quarter a year earlier.
Despite the disasters which occurred late in 2013, the economy was the third fastest growing in Asia in the first quarter, behind China's 7.4 percent and Malaysia's 6.2 percent.
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