According to Makati Business Club executive director Alberto Lim, way back in November businessmen have already expected the Philippines to incur a recession--something that National Statistical Coordination Board secretary general Romulo Virola hinted during yesterday's announcement of a meager 0.4 percent first quarter growth. But government officials are quick to correct this by saying the gross domestic product (GDP), a measure of the output of the local economy, is stil growing, though at a weaker pace.