"The agricultural slump I think is something very temporary," Socio-economic Planning Secretary Dante Canlas told reporters.
"We didn't really expect it to be strong."
The government said it would be "very easy to meet" the lower end of its full-year growth target of 4.0 to 4.5 percent, with an expected recovery in the country's major crops likely to boost the economy in the fourth quarter.
ECONOMY HEALTHY BUT REVENUES ILL
was confident agriculture would recover -- barring more storms -- and would hit a 3.1 to 3.5 percent growth target for the year.
Gross national product, bloated every year by billions of dollars in remittances pouring in from Filipinos working overseas, rose 3.4 percent year-on-year in the third quarter versus a revised second-quarter figure of 5.0 percent.
But net factor income from abroad, which includes remittances, shrank 2.7 percent in July to September after 8.4 percent growth in the second quarter. Canlas
said the decline was due to higher interest payments by the government and private sector on foreign debt.
Strong growth of 4.1 percent in personal consumption compensated for the 0.8 percent contraction in government consumption in the third quarter as the state clamped down on excess expenditure to reign in its fiscal deficit.
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