Duterte Takes On Philippine Elite and Ends Up Even More Popular
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President Rodrigo Duterte is cracking down on some of the Philippines’ biggest businesses, pushing a populist agenda that’s endearing him to his supporters while putting off investors.
The nation’s stock market has dropped as much as 11% from its 2019 peak and valuation has fallen to its lowest since 2011 relative to peers as Duterte stepped up his attacks last month. The 74-year-old leader whose drug war has killed thousands saw his popularity hit a new high last quarter.