The Philippine benchmark stock index, the Philippine Stock Exchange Composite Index, fell 0.35 percent at 9:35 a.m.
The index of 30 companies traded on the Philippine Stock Exchange fell 23.42 to 6,697.91.
Declines in the Philippine Stock Exchange Composite Index were led by Philippine Long Distance Telephone Co, Sm Prime Holdings Inc. and Ayala Corp. About 98.29 million shares changed hands in the Philippines.
Alliance Global Group, Inc, which fell 5 centavos to 20.85 pesos, was the most active stock by value in the Philippines.
The next most-active issues were Metro Pacific Investment, which rose to 5.15 pesos, and Trans-asia Oil & Energy, which rose 9 centavos to 2.10 pesos.