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Philippine GDP grows at slowest pace in 11 years

The Philippine economy grew at its slowest pace in 11 years in 2009 as the global economic crunch hit exports and investment, officials said on Thursday.

Growth in gross domestic product faded to 0.9 percent in 2009 from 3.8 percent in 2008 – the weakest since the economy shrank 0.6 percent in 1998 in the wake of the Asian financial crisis.