Philippine Assets Feel Strain From Cabinet Shakeup, Analysts Say

Philippine assets are under pressure following a Cabinet revamp by President Ferdinand Marcos Jr. to stem a corruption scandal rocking his government, adding a new layer of uncertainty.

Most of the country’s dollar bonds fell, with the note maturing in 2035 sliding to the lowest since Sept. 5, according to data compiled by Bloomberg. The peso weakened by as much as 0.2% while the benchmark stock index, already trading at multi-year lows, dropped as much as 1%.