Philippine shares, peso fall on US tariff concerns

Philippine shares and the Philippine peso declined on Tuesday as investors responded to potential tariff threats from the US, with the PSEi dropping by one percent and the All Shares Index shedding 0.65 percent.

The benchmark PSEi closed at 6,459.47 points while the All Shares Index ended at 3,807.27 points, marking a further decline in both indices.

Foreign Affairs Secretary Ma. Theresa P. Lazaro confirmed that President Ferdinand R. Marcos Jr. will visit Washington from July 20-22 to discuss several issues, including the tariff rate.

Investors are now closely monitoring trade negotiations and overseas Filipino workers' cash remittance data for any developments.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort noted that markets remain in a wait-and-see mode regarding the outcome of trade negotiations, with immediate support at 6,330-6,370 and resistance at 6,500 for the PSEi.