The Philippine composite index fell 1.24 percent to 7,265.34, coming off a more than six-month closing high of 7,356.59 hit on Wednesday.
The Philippine economy expanded by 5.3 percent from the same period last year, hit by a contraction in state spending and weaker growth in all sectors. Economists polled by Reuters had forecast annual growth of 6.6 percent.
The selling was broad based, with 22 out of 30 large cap stocks on the key index declining. The top loser was SM Prime Holdings, which dropped 4.6 percent, after its share placement at a lower-than-market price.
Selling hit energy-related stocks across exchanges, with brokers citing the OPEC meeting on Thursday as a market focus.
Brent crude fell to a four-year low under $76.30 a barrel on Thursday as it became increasingly unlikely that OPEC would cut output in support of prices during a meeting in Austria.
"We believe OPEC won't cut production but will rather let the oil trading market stabilize according to demand and supply," strategists at Krungsri Securities in Bangkok wrote in a report.
Shares of Malaysia's Sapurakencana Petroleum slipped 4.7 percent, Thailand's top energy firm fell almost 1 percent and Indonesia's Perusahaan Gas Negara traded down 1.2 percent.
source: www.abs-cbnnews.com
