MANILA, Philippines -- Shares were lower in opening deals Wednesday as investors worried about the US economy amid rising inflation risks.

Federal Reserve chairman Ben Bernanke said Monday that while a substantial economic downturn seemed unlikely, inflation risks were growing, raising expectations that the US central bank might lift interest rates later this year to tame inflation.

The Fed was worried that high commodity prices might curb consumer spending and slow even further the US economy, a key market for Asian goods.

At 0135 GMT, the 30-company composite index fell 29.84 points or 1.1 percent to 2,616.11.

The broader all-share index shed 10.81 points or 0.7 percent to 1,655.82.