Philippines quarterly review brings mixed news

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The Central Bank of the Philippines on January 4 released its latest Report on Economic and Financial Developments.

The document revealed that the country's economy had grown less than was expected during the third quarter of 2011. This, the central bank said, was due mainly to the "slowdown of the global economy".

Real GDP grew by an annual rate of 3.2% in Q3 2011, much slower than the 7.3% recorded in the same quarter in 2010.

However, "unfavourable" weather conditions and high fuel prices

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