This is from forbes.
While the slump is from 4.4 growth last year to 2.9 this year, compared to Canada or the US or most countries in western Europe this is not a bad performance during this global recession.
Inflation also is declining but still rather high. There is no mention of wage rates.
Thomson Financial News
UPDATE 1-Philippines economy to slow sharply this year -
WASHINGTON, Feb 17 (Reuters) - Growth in the Philippines is set to slow sharply this year as the economy faces 'strong head winds' from falling global demand and a drop in remittances from Filipinos working abroad, the International Monetary Fund said on Tuesday.
In its annual review of the Philippines economy, the IMF forecast that gross domestic product growth will ease to 2.9 percent this year, down from a projected 4.4. percent in 2008.
The IMF said inflation targeting has helped anchor inflation expectations in the Philippines and urged the authorities to cut interest rates if inflation expectations continue to fall.
Philippine annual inflation eased to 7.1 percent in January, the lowest rate in 10 months, from 8.0 percent in December.
The IMF said the value of the Philippines peso currency was 'broadly in line with longer-term fundamentals'.
It said exposure by banks in the Philippines to failed and 'distressed' global banks was limited but urged the central banks to step up surveillance of banks' off-balance sheet activities.
'Continuing strains in global financial markets could lead to further losses on banks' security holdings, reduce the availability of external financing, and raise risks related to banks' off-balance sheet activities,' the IMF warned