MANILA - The Philippines is likely to exceed its growth target of 5 percent to 6 percent this year after the economy posted a better-than-expected 7.1 percent annual expansion in the third quarter, the economic planning secretary said on Wednesday. 

"We are on our way to surpassing the target of 5 to 6 percent," Arsenio Balisacan told reporters. 

The economy grew 3.9 percent in 2011.