SM Prime Holdings Inc. fell the most in more than a month in Manila, pacing Philippine shopping mall operators lower on speculation a global recession will be prolonged and hurt domestic consumer spending.

SM Prime, the biggest shopping mall operator, fell 5.2 percent to 7.30 pesos at the noon close in Manila, its sharpest loss since Dec. 12. The stock dropped as much as 6.5 percent earlier. It was the fourth-biggest loser in the main Philippine Stock Exchange Index, which fell 3.1 percent.

“A prolonged global recession will impact on consumer spending,” said Peter Lee, a senior investment officer at Manila-based IGC Securities Inc. And “SM Prime takes a direct hit from a prolonged global slump because consumer spending is a big part of the economy.”

The MSCI Asia Pacific Index, the region’s benchmark, fell 1.3 percent to 82.13 as of 1:30 p.m. in Tokyo. It’s heading for its lowest since close since Dec. 5 on concern a global recession will deepen from rising bank losses worldwide.

Exports account for 40 percent of the Philippine economy while funds sent home by overseas Filipinos contribute another 10 percent. Remittance growth may slow to a range of 6 percent to 9 percent this year while exports may grow as little as 1 percent, according to government forecasts.

Robinsons Land Co., the No. 2 shopping mall operator, dropped 4.1 percent to 4.65 pesos, its lowest since Oct. 29. Ayala Land Inc., the third-largest mall operator, sank 4.2 percent to 6.80 pesos, its sharpest slide since Dec. 22.