The growth of the Philippines' economy slowed in the third quarter, undercut by natural disasters and a government-spending corruption scandal that limited public outlays.

The Philippines' gross domestic product (GDP) expanded by 4% on year in the third quarter, easing from the 5.5% on-year gain logged in the second quarter, reported the Philippines Statistics Authority (PSA).

The third quarter GDP expansion marked the slowest quarterly growth in the Philippines' economy since the pandemic era in 2021.

The National Statistician and PSA Undersecretary Claire Dennis Mapa said that, excluding the sharp declines during the COVID-19 pandemic, the third-quarter growth rate was the slowest since 2011, reported ABS-CBN, a Philippine-based news service.

There was a sharp contraction in third-quarter public construction amid delayed infrastructure spending, as government probes into certain flood-control projects continue, said Secretary Arsenio Balisacan of the Department of Economy, Planning and Development, reported the Inquirer.net news service.

The main contributors to the third quarter GDP growth were wholesale and retail trade, including repair of motor vehicles and motorcycles, up 5.0% on year; financial and insurance activities, up 5.5% on year; and professional and business services, up 6.2% on year, reported the PSA.

All major economic sectors grew on year in the third quarter, with agriculture, forestry, and fishing rising 2.8% on year; industry gaining 0.7%, and services rising by 5.5% on year, added the PSA.

In better news, despite international trade tensions, Philippine exports of goods and services rose 7% on year in the third quarter, while imports gained by 2.6% on year, reported officials.

The Bangko Sentral ng Pilipinas, the nation's central bank, will meet on Dec. 11 to adjust monetary policy.

The Philippine consumer price index rose a modest 1.7% on year in October, the PSA reported on Wednesday.

The Bangko Sentral ng Pilipinas has an annual inflation target of 2% to 4% on the CPI, indicating the central bank has room for easing at the pending policy session.