This just in. The Idiot In Charge is fucking up the economy with his brainless rants and love for dim sum and vodka. Anyone surprised? Of course not. We’re all smart people too. This just in from Business World:
Presidential remarks on China, Russia send investors fleeing
The peso hit a seven-year low to the dollar on Monday and foreign investors pulled out from local shares for a 23rd straight day, which analysts said was due to growing uncertainty over Mr. Duterte’s handling of what has been one of Asia’s best-performing economies in recent years.
“I will open trade alliances with Russia and China so all you other investors, just go. No problem,” Mr. Duterte said in a speech at the presidential palace.
Mr. Duterte has attracted widespread criticism from Western governments and rights groups for a bloody crime crackdown that has claimed more than 3,300 lives since he took office on June 30.
International credit rating agency Standard and Poor’s warned last week Mr. Duterte’s war on crime was threatening the Philippines’ economy and endangering its democratic institutions.
It also said his unpredictable foreign policy and national security statements were other downsides that meant a credit upgrade for the Philippines was unlikely in the next two years.
Mr. Duterte has responded with abusive comments against his critics over his war on crime, threatening to swear at US President Barack H. Obama at the recent ASEAN Summit and calling UN Chief Ban Ki-moon a “fool.”
The Philippines, a former American colony, had up until Mr. Duterte been one of the United States’ most loyal and enduring allies in Asia. The two nations are bound by a mutual defense treaty.
Mr. Duterte has repeatedly signaled he is looking to distance the Philippines from the United States, but his comments on Monday were his most explicit that he was planning to pivot toward US rivals China and Russia.
Mr. Duterte said he had already privately spoken with Chinese President Xi Jinping and Russian Prime Minister Dmitry Medvedev, although it was impossible to immediately verify when the conversations had taken place.
On Monday the Philippine stock market fell 1.18% to close at 7,632.46 points.
“Global funds sold Philippine stocks for a 23rd straight day amid nervousness about the fallout from Duterte’s anti-drug war and his outbursts against the US and the United Nations,” Bloomberg reported.
The local currency also fell 0.50% on Monday to P48.25 to the dollar, touching its lowest level since 2009.
“[The peso’s decline is] mainly due to politics, with the Philippine president’s ongoing war on drug dealers and his intent to seem to alienate all of their major trading partners,” Jeffrey Halley, a market strategist at Oanda Asia Pacific Pte in Singapore told Bloomberg. — AFPPublished in