"The upside surprise would mean that an interest cut would probably be unnecessary," said Enrico Tanuwidjaja, an economist at Royal Bank of Scotland.
"We have probably already seen the bottom of the rate-cut cycle."
The central bank, Bangko Sentral ng Pilipinas (BSP), has cut interest rates four times this year, in an attempt to sustain growth. The latest cut, announced last month, saw the bank lower its benchmark rate to a record-low of 3.5% from 3.75%.
The Philippines economy has been one of the better performing ones in the region this year.