6 percent on Wednesday as weak export data raised concerns about the country's fragile economic recovery while broader emerging Asian shares were subdued after sharp losses a day earlier.
Philippine stocks fell as trade data weighed on sentiment one day before gross domestic product figures are released. "Trade trends will likely continue going into 2021 with a fragile global recovery expected to limit particular gains for the export sector," said Nicholas Mapa, a senior ING economist for the Philippines.Meanwhile, a $10 billion airport deal in Cavite province that formed one of the biggest Chinese projects in the country was canceled.
Many emerging markets in Asia fell sharply on Tuesday as investors tempered hopes for the quick passage of more US stimulus, which had boosted sentiment in recent weeks.