Duterte eyes new friends as currency, stocks sink

Philippine President Rodrigo Duterte said on Monday that 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 Mr Duterte’s handling of what has been one of Asia’s best-performing economies in recent years. “I will open trade alliances with Russia and China so all you other investors just go. No problem,” Mr Duterte said in a speech at the Presidential palace. Mr Duterte has attracted widespread criticism from Western governments and rights groups for a bloody crime crackdown has that claimed more than 3,300 lives since he took office on June 30.

International credit rating agency Standard and Poor’s warned last week Mr Duterte’s war on crime was threatening the Philippines’ economy and endangering its democratic institutions.

Mr Duterte has responded with abusive comments against his critics over his war on crime, such as branding US President Barack Obama a “son of a whore”and UN chief Ban Ki-moon a “fool”.