The median forecast from 11 economists was for an annual growth of 6.0% in July-September, a moderate rise from the previous quarter's 5.5% annual pace, as slowing inflation and strong remittances also likely gave domestic demand a boost.
"The economy is seen gradually gaining traction as growth drivers recover," said Jiaxin Lu, economist at Continuum Economics, citing the pick-up in government expenditures and household consumption.
Efforts by the government to catch up with its spending, after months of tepid infrastructure spending due to a delay in the passage of the 2019 national budget, appeared to be paying off with expenditures up 39% in September from last year.
However, more needs to be done as spending in the nine months ended September fell 2.1% short of the government's programme.
The country's third-quarter gross domestic product data will be released on Nov. 7, ahead of the central bank's policy meeting on Nov. 14, its second last for the year.
Annual inflation has declined from a near-decade peak of 6.7% in September and October last year on easing global oil and rice prices, allowing the central bank to reverse some of last year's 175 basis points rate hikes to support growth.
The central bank slashed its benchmark interest rate
Bangko Sentral ng Pilipinas Governor Benjamin Diokno has said there will be no more interest rate and RRR cuts this year, and that policymakers will review economic conditions next year.
Risks to the Philippines' growth outlook remain given the prospect of a global economic slowdown spawned by U.S.-China trade tensions.
Exports growth weakened to 0.6% in August from last year, the slowest pace in five months and receding from 3.5% in July.
Authorities have expressed confidence that the lower end of this year's 6%-7% economic growth target will be met, with a rebound expected in the second half on increased government spending, moderating inflation and easier monetary policy.
(Reporting by Karen Lema, Editing by Sherry Jacob-Phillips)
By Karen Lema
