Philippine shares plunged to a three-year low Monday on worries that corruption issues significantly slowed the growth of the domestic economy during the third quarter.
The 30-company Philippine Stock Exchange index hit a low of 5,761.32 before closing at 5,828.06, down 101.62 points, or 1.71 percent. The broader all-shares index closed at 3,548.90, down 44.38 points, or 1.24 percent.
The peso closed at 58.79 against the U.S. dollar Monday, slightly stronger than 58.85 on Oct. 30, 2025.
“The sharp market sell-off was triggered by mounting worries of a substantial slowdown of the Philippine economy,” said Juan Paolo Colet, managing director of China Bank Capital.
Colet said trading for the remainder of the week will remain choppy as investors await the release of the country’s third-quarter GDP print slated for Friday.
“The 5,800 support remains critical; if it holds then the market might attempt a recovery, but if it breaks, then we could face further weakness,” Colet said.
Trading was active with value turnover at P8.96 billion. Losers outnumbered gainers 134 to 56.
Foreign investors were net sellers with outflows at P1.33 billion.
Among the sectors, only the services sector ended higher, up 0.03 percent. The financial sector dropped the most, down 3.33 percent.
DigiPlus Interactive Corp. was the day’s top gainer, increasing 8.83 percent to P22.80, while China Banking Corp. was at the bottom, declining 5.97 percent to P48.05.
