WorldMANILA, AFP -Philippine President Rodrigo Duterte said Monday he would seek closer economic ties with China and Russia, as the local currency and stock market extended declines following Western criticism of his deadly war on crime. “I will open trade alliances with Russia and China so all you other investors, just go. The Philippines, a former American colony, had up until Duterte been one of the United States' most loyal and enduring allies in Asia. Duterte has repeatedly signalled 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 towards US rivals China and Russia. The local currency also fell 0.5 percent on Monday to 48.25 to the dollar, touching its lowest level since 2009.

Source: Sunday Times September 26, 2016 10:52 UTC