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Manila Bulletin devider Business devider The Stock Market devider Stocks slump as Duterte impeachment bid spurs risk

Stocks slump as Duterte impeachment bid spurs risk

Published Feb 9, 2026 04:07 pm
Stocks retreated to their lowest level in a week as an impeachment complaint against the vice president fueled concerns over legislative logjam that could derail economic reforms.
The Philippine Stock Exchange index (PSEi) fell 41.75 points, or 0.6 percent, to close at 6,349.16 on Monday, Feb. 9. While the decline follows a period of relative stability, the benchmark remains near its highest level in six months, having clawed back the majority of losses sustained after the July 2025 State of the Nation Address.
Investor sentiment soured following the filing of an impeachment complaint against Vice President Sara Duterte, a move that analysts say threatens to distract lawmakers from passing critical measures intended to bolster governance and fiscal performance.
Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the political friction comes at a sensitive time for the economy.
“The decline follows the latest political noise, which could potentially distract lawmakers from pursuing reform measures aimed at improving governance standards and the economy,” Ricafort said.
Domestic headwinds were compounded by external pressures. Market participants are monitoring reports that Chinese regulators have advised banks to limit exposure to United States (US) Treasuries, alongside a fresh executive order from the Trump administration concerning Iran-related tariffs. Locally, a rise in fuel pump prices also weighed on the outlook for consumer spending.
Despite the daily drop, the index has traded above the 6,000 level for nearly two months, providing a significant cushion above the five-year low of 5,584.35 reached in November 2024. Traders are now shifting their focus to the Bangko Sentral ng Pilipinas policy meeting on Feb. 19, with expectations mounting for a 25-basis-point interest rate cut.
This anticipation of a more accommodative monetary policy has supported the Philippine peso, which closed at 58.455 against the US dollar, its strongest exchange rate in three and a half months.
Sentiment was further balanced by record highs in US equity markets and a slight dip in global crude oil prices, following diplomatic signals from negotiations in Oman regarding US-Iran tensions.
Looking ahead to the rest of 2026, the market is eyeing the potential inclusion of Philippine government bonds in the JPMorgan Emerging Market Bond Index.
The Marcos administration and Finance Secretary Ralph Recto have reiterated their commitment to anti-corruption and governance reforms, including the Anti-Dynasty Bill and the CADENA Act, in an effort to maintain foreign investor confidence amidst the domestic political theater.
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