Philippine market slides as growth fears and a weak peso weigh on investors

Local equities dropped for the third consecutive session, with the benchmark index slipping 58.92 points to close at 5,679.48. Traders cited concerns over the Philippines' economic outlook, rising U.S. Treasury yields and a depreciating peso. The slowdown anxiety grew after the Department of Budget and Management warned that a severe El Niño could curb public infrastructure spending early next year, a key growth engine. Analysts at Philstocks Financial noted the heightened risk to the economy.