MANILA: The Philippines remains one of the fastest growing economies in the region despite the slowdown in the third quarter of the year, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said on Thursday. Philippine economic growth settled at 5.2 percent in the third quarter, lower than the 6 percent recorded in the same period last year. The latest data brought the year-to-date gross domestic product (GDP) expansion to 5.8 percent, slightly under the 6-percent lower end of the government's growth target for this year. According to Philippines News Agency, NEDA Secretary Balisacan emphasized the continuous expansion of the economy, highlighting that the Philippines remains one of the fastest-growing Asian economies. "Our economy continues to grow steadily; the latest GDP figures indicate continuous expansion. Of the countries that have reported their third-quarter GDP growth rates, we remain one of the fastest-growing Asian economies," Balisacan said during a briefing at the Phi lippine Statistics Authority (PSA) office. He noted that the Philippines follows Vietnam, which posted a 7.4 percent growth rate, and is ahead of Indonesia, China, and Singapore. Among the major economic sectors, industry and services grew by 5 percent and 6.3 percent respectively in the third quarter. However, National Statistician Dennis Mapa reported a contraction in the agriculture, forestry, and fishing sector by 2.8 percent. Balisacan attributed this contraction to various challenges such as the effects of El Niño, multiple typhoons, and a fishing ban in certain areas due to an oil spill. Household final consumption expenditure grew by 5.1 percent, which was attributed to slower consumer price inflation, while government final consumption expenditure slowed to 5 percent from 6.7 percent. Gross capital formation recorded a double-digit growth rate of 13.1 percent. Imports of goods and services increased by 6.4 percent, although exports declined by 1 percent. Despite the slowdown, Balisacan expressed o ptimism about achieving the government's growth target for the year, which requires a 6.5 percent growth in the last quarter. He cited factors such as holiday spending, stable commodity prices, and a robust labor market as drivers of economic activity. Recovery efforts in typhoon-affected areas are expected to further stimulate the economy, with various government agencies providing financial assistance and support for rebuilding efforts. Balisacan also highlighted initiatives for medium-term growth, including infrastructure development, fiscal support for flagship projects, and engagement in new free trade agreements to strengthen exports. He underscored the importance of improving the ease of doing business and enhancing competitiveness to attract more investments. Finance Secretary Ralph Recto, in a separate statement, emphasized the need for swift Congressional passage of the proposed budget for 2025 to support social and economic services such as infrastructure, health, and education. He also discussed measures to boost agriculture productivity and ensure quick recovery for typhoon-affected communities. The government aims to maintain spending on infrastructure projects and pass the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) bill to boost private investments.