Duterte pivots to China, Russia as investors flee

Manila

PHILIPPINE President Rodrigo Duterte said on Monday that he would seek closer economic ties with China and Russia, as the local currency and stock market extended declines following Western criticism of his deadly war on crime.

The peso hit a seven-year low to the US dollar on Monday and foreign investors pulled out from local shares for a 23rd straight day, which analysts said was due to growing uncertainty over Mr Duterte's handling of what has been one of Asia's best performing economies in recent years.