Economists believe the faster 5.9 percent growth in the third-quarter GDP could further improve in the fourth quarter.

Michael Ricafort, chief economist of Rizal Commercial Banking Corporation, said the recent economic expansion signals further reopening of businesses as the world further recovers from the pandemic.

"This was caused by continued recovery for many businesses, leading to higher sales, incomes, and jobs," he said.

"The GDP growth could be similar or even higher in the fourth quarter," the economist added.

For his part, Dan Roces, chief economist of Security Bank, said the holiday season usually drives faster economic growth as most Filipinos delight in social gatherings and gift-giving.

While he said consumption tempered in the third quarter, Roces stressed the fourth quarter often results in a "surprise."

Surprise

"Usually there's always a surprise in the fourth quarter on how strong the consumption will be. Filipinos act like we invented Christmas. Even during the pandemic in 2020, the economy was down but there was still a rebound in consumption despite the lockdowns," Roces said.

Household consumption slightly slowed to five percent in the third quarter from 5.5 percent in the previous quarter amid the high interest and inflation rates.

The Bangko Sentral ng Pilipinas has raised its policy rate by 450 basis points to 6.5 percent to slow inflation which quickened to 6.1 percent in September from 5.3 percent in August and 4.7 percent in July.

The two economists agreed the fourth-quarter GDP growth might still be restrained or settle below 6.4 percent recorded in the first quarter due to high costs of borrowing for household and business spending.

"The fourth quarter might still be strong but not enough to pull us to 6 percent. It could be higher or below that," Roces said.