President Ferdinand "Bongbong" Marcos Jr.'s economic team has plotted a trajectory for the economy to maintain a six-percent full-year growth that will make the nation's output among the highest in Asia, if not the world.

Growth in the third quarter came in at 5.9 percent, which exceeded market estimates.

The fourth quarter is traditionally when economic activity peaks due to the Philippines' long Christmas season starting in September.

The Department of Finance, or DoF, said the government's strategy is to prime the economy with higher public spending in the last three months to hit the goal.

Gov't funds will be used to increase outlays for social services and infrastructure.

Finance Secretary Benjamin Diokno said the economy slowed down "because of underspending by government, but it has picked up. So that's no longer a problem."

The economy in the third quarter rebounded from 4.3 percent in the previous quarter as public spending grew by 6.7 percent from a 7.1-percent contraction in the last quarter.

Diokno said the government will continue to provide subsidies to the marginalized, including jeepney drivers, farmers and fisherfolk.

It will also maintain its aggressive push for private-public partnerships in infrastructure development through legislative measures on ease of doing business and broader foreign ownership of local projects.

Recently, the government amended the Public-Private Partnership Code to simplify project proposals, approvals and financing processes.

PPP projects ramp up

"It will address the country's infrastructure shortage, update approval thresholds for national PPP projects, and create a consistent legal framework for all PPPs at the municipal and national levels," the Department of Budget and Management indicated.

The Development Budget Coordination Committee said government disbursements accelerated to 98.9 percent at the end of September from 93.4 percent in June, nearing the government's full-year target of P3.862 trillion.

The government aims to keep infrastructure spending at 5 to 6 percent of the gross domestic product, or GDP, each year.

The DoF reported that 30 percent of the 197 flagship projects will use the PPP model, where the private sector spends for the project and operates it for a certain period before turning it over to the government.

At least six infrastructure projects worth over P4 billion were approved by the government last month.

Asian tiger not far off

The massive buildup, estimated to be worth P9 trillion up to 2028, is critical to achieving an upper-middle-income Philippines.

Dr. Bernardo Villegas, professor emeritus at the University of Asia and the Pacific, said that joining the ranks of Asia's tigers is possible if the government reduces the poverty rate from 13 percent to 9 percent and boosts annual economic growth to 8 percent.

The country's biggest trade group is confident the government's goal of 6 percent growth for the entire year is within reach.

Philippine Chamber of Commerce and Industry, or PCCI, president George Barcelon gave a rosy outlook as the country entered the "ber" months.

"During the last part of the year, people have more disposable income. That would boost the economy in the fourth quarter," he said.

He said the economic drivers in the final three months would be the high remittances of overseas Filipino workers and the government disbursement of the budgets for its programs, especially for infrastructure.