Philippine Peso Slides With Stocks as Duterte Unnerves Investors

The Philippine peso sank to a seven-year low and stocks declined as investors pulled money from the nation’s assets amid concerns about President Rodrigo Duterte’s policies.

Global funds sold Philippine stocks for a 23rd straight day amid nervousness about the fallout from Duterte’s anti-drug war and his outbursts against the U.S. and the United Nations. Central bank Governor Amando Tetangco, who last week sought to soothe investors spooked by Duterte’s rhetoric, said Monday the currency’s movements partly reflect uncertainty about the Federal Reserve’s next policy action. The peso led a drop in emerging-market currencies ahead of the U.S. presidential debate and a meeting of oil producers this week.