EMERGING MARKETS-Indonesian stocks, rupiah ease on slow GDP growth

* Indonesia Q3 GDP growth slows more than expected * Philippine inflation eases in October * Most Asian currencies heading for weekly declines By Indranil Sarkar Nov 5 (Reuters) - Indonesia's rupiah and shares slipped on Friday after data showed third-quarter economic growth slowed more than expected, while Philippine stocks rose as easing inflation cemented hopes the central bank policy would stay accommodative for some time. Most Asian currencies were on track to end the week lower after the U.S. Federal Reserve unveiled its stimulus tapering plan, with the Malaysian ringgit weakening 0.2%. The rupiah cut earlier losses fuelled by data showing southeast Asia's largest economy slowed in the last quarter due to pandemic-related restrictions. However, recent data suggests growth may be back on track in the current quarter. The rupiah was set for its worst week since August 2020, while stocks were down 0.5%. "Although there are several factors that will constrain the pace of the recovery, the upshot is that economic activity is regaining traction," ANZ Research analysts wrote in a note, adding elevated commodity prices were a boon for the resource-rich economy. Meanwhile, Philippine stocks rose 1.9% to their highest since January after annual inflation slowed to a three-month low in October, reaffirming expectations the central bank would keep rates on hold for a while. "We expect Bangko Sentral ng Pilipinas to maintain its current policy setting for the balance of 2021 and we retain our expectation for a possible rate adjustment from monetary authorities in the second quarter of 2022," analysts at ING wrote. South Korean shares fell 0.5% and posted their third weekly decline, failing to catch a broader global rally as growing inflationary threats dented risk appetite. The won eased 0.2%. A key U.S. jobs report is due later in the day that could sway the timing of rate hikes by the Federal Reserve in the wake of its move to scale back its massive pandemic-era support. HIGHLIGHTS ** In the Philippines, top index gainers are Robinsons Land Corp, up 6.5%, and Bloomberry Resorts Corp, up 6.1% ** Indonesian 10-year benchmark yields are down 1.7 basis points at 6.207% ** ​​Singapore's 10-year benchmark yield is down 5.1 basis points at 1.8% ​​ Asia stock indexes and currencies at 0700 GMT COUNTRY FX FX FX INDEX STOCKS STOCK RIC DAILY YTD % S % DAILY YTD % % Japan +0.09 -9.16 <.N22 -0.61 7.90 5> China C> India I> Indonesi -0.07 -2.13 <.JKS -0.36 9.77 a E> Malaysia -0.17 -3.34 <.KLS -0.21 -6.09 E> Philippi +0.45 -4.71 <.PSI 1.90 2.82 nes > S.Korea 1> Singapor -0.10 -2.31 <.STI 0.63 13.93 e > Taiwan I> Thailand I> (Reporting by Indranil Sarkar in Bengaluru; Editing by Subhranshu Sahu)