MANILA, May 16 (Reuters): The Philippines' target of 7% to 9% gross domestic product (GDP) growth this year is "doable" despite external risks, its economic planning minister said on Monday. "The bulk of the growth is going to come from domestic demand and we have to ensure a strong domestic rebound," Economic Planning Secretary Karl Kendrick Chua told ANC news channel, days after reporting a better-than-expected 8.3% GDP growth in the first quarter. Meanwhile, Philippine stocks closed 1.9% higher to record their best session in two months on Monday (May 16). That follows five straight sessions of losses and a 5.6% decline last week. Data released last Thursday showed the Philippine economy grew at a better-than-expected 8.3% in the first quarter, increasing the likelihood of a rate hike to tackle inflation as early as the next central bank meeting on May 19. The South-East Asian nation's economy grew a better-than-expected 8.3% in the first quarter, the government said on … [Read more...] about Philippines’ 7-9% GDP growth target achievable, says planning minister