Philippines shows Asia's fastest growth in Q1

The Philippines' economy grew by 7.8% year-on-year in the first quarter, making it Asia's fastest growing economy in the period. The economy grew 2.2% over the previous quarter, driven by private-sector investment and public-sector construction. The pace of expansion blew past expectations, pulling the peso up from an 11-month low and reinforcing views that the central bank would leave its key policy rate on hold this year.