Duterte pivots to China, Russia as investors flee

MANILA: Philippine President Rodrigo Duterte said Monday he would seek closer economic ties with China and Russia, as the local currency and stock market extended declines following Western criticism of his deadly war on crime.

The peso hit a seven-year low to the dollar on Monday and foreign investors pulled out from local shares for a 23rd straight day, which analysts said was due to growing uncertainty over Duterte's handling of what has been one of Asia's best-performing economies in recent years.