Manila - Philippine share prices rose 3.078 per cent on Friday as investors snapped up bargain stocks on positive economic prospects despite the global financial crisis.

The 30-share composite index of the Philippine Stock Exchange added 59.08 points to close at 1,978.05 from Thursday's finish of 1,918.97.

A total of 1.004 billion shares worth 1.373 billion pesos (28.02 million dollars) were traded.

Gainers led losers 49 to 26, while 47 issues were unchanged.

Traders said investor sentiment was boosted by assessments of international financial institutions that the local economy would not slip into recession due to the global crisis.

The World Bank and the Asian Development Bank have allayed fears of businessmen that the Philippines will face a recession in 2009 due to slowdowns in major economies in the world. (dpa)