MANILA, Philippines ? Philippine share prices closed 1.45 percent lower Friday with investors spooked by debt woes of the state-run Dubai World conglomerate, dealers said.

The composite index shed 44.85 points to 3,044.97, while the all shares index lost 1.0 percent or 19.21 points to 1,891.51.

A total of 2.27 billion shares worth P2.64 billion (P56.11 million) changed hands, with 80 issues down, 29 up and 64 unchanged.

The peso traded at 47.082 to the dollar in the morning.

Markets tumbled across Asia on Friday, following global equity markets down on fears of a widespread default after Dubai issued a shock call to suspend the debt of its key state company.

Manila, where markets will be closed on Monday for a public holiday, followed suit.

"This happened in Dubai but it also means it can happen anywhere," Carl Sy of trading house CitisecOnline.com told Dow Jones Newswires.

Top-traded Philex Mining fell 6.49 percent to P18, while Century Peak Metal Holdings was down 5.71 percent to P6.60.

Philippine Long Distance Telephone was off 1.34 percent to P2,575.