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Philippine economy "damaged but not quite ravaged" by global crisis as quarterly growth slows

The Philippine economy grew a sluggish 4.6 percent in the third quarter, slumping from 7.1 percent last year, after being "damaged but not quite ravaged" by the global financial crisis, the government said Thursday.

Industry grew at a faster rate of 7.1 percent from 6.6 percent a year earlier, but the services sector -- the linchpin of the economy with a 49.2 percent share of gross domestic product -- contracted 3.7 percent.

"The Philippine economy has been damaged but not quite ravaged by the global financial turmoil and high oil prices," the National Statistical Coordination Board said in a statement.

The board said a seasonally adjusted GDP growth rate of 0.9 percent "kept the Philippine economy outside of recession territory."

Socio-economic Planning Secretary Ralph Recto said he didn't think the Philippines would slip into a recession next year and expected fourth quarter growth between 4 percent and 4.6 percent, compared with 6.4 percent last year.

He said the government would continue ramping up public spending, especially infrastructure projects, while increasing revenue collection.

The government expects 2008 growth of between 4.1 percent and 4.8 percent, down from 7.2 percent in 2007.

Central bank Gov. Amando Tetangco said he expected inflation in November to fall within a range of 10.3 percent to 11.2 percent, compared with 11.2 percent in October.

He said the price of rice and other foods continued to fall due to higher supply and favorable weather conditions

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