PHL shares fall over 2% before Duterte’s final SONA

Philippine shares declined by over 2% on Monday ahead of President Rodrigo Duterte’s final State of the Nation Address (SONA).

The benchmark PSEi dropped 148.13 points or 2.27%, closing at 6,372.61.

Investors sold off stocks due to uncertainty about the Delta variant's spread and expectations for Duterte’s speech on government plans to combat the pandemic and his legacy.