Philippine market selloff: It's the economy, not Duterte, say observers

Singapore

PHILIPPINE markets have been heavily sold down since July - primarily for economic reasons, not the festering row between new President Rodrigo Duterte and traditional ally the United States over his war on drugs, money managers say.

A slowdown in remittances from Filipinos working overseas, which have historically been a big driver of growth in the South-east Asian nation, is a cause of concern.