FX.co ★ PH Stocks Tumble Amid Corruption Concerns

On Monday, the Philippine Stock Exchange Index fell by 1.8%, closing at the 6,000 level, thereby ending a three-day streak of gains. This decline was driven by a wave of negative investor sentiment, prompted by a growing corruption scandal alongside persistent social unrest. The anxiety among investors intensified due to allegations regarding corruption in infrastructure projects, particularly the compromised flood control systems revealed after recent heavy monsoon rains and subsequent flooding. Concurrently, the nation witnessed a surge in social unrest, with mass demonstrations taking place from late September, characterized by occasional clashes between protestors and law enforcement. Moreover, the focus of the market has now shifted toward the forthcoming monetary policy decision by the Bangko Sentral ng Pilipinas, anticipated later this week. The trading session saw several major stocks suffer downturns: Bank of the Philippine Islands (BPI) fell by 3.9%, Ayala Land Inc. decreased by 2.9%, Ayala Corp. slipped 2.5%, and SM Investments Corporation dropped 1.7%.