Philippine shares hit 5-year low amid weak earnings, poor economic outlook

Philippine shares continued their decline on Tuesday, with the PSEi closing at a new five-year low of 5,629.07 points.

This downturn was attributed to worsening investor sentiment regarding the Philippine economy, influenced by disappointing corporate earnings.

Analysts pointed to weaker-than-expected third-quarter corporate results as a key driver for the market's continued weakness.

The dim economic outlook is further compounded by the impact of recent typhoons and a decrease in foreign direct investments.