While President Rodrigo Duterte’s tax plans are pending, Philippine peso value declined as traders focused on falling bets for an aggressive easing by the Federal Reserve this month.
The Philippine peso’s longest run of quarterly gains in six years will be tested this week with a report forecast to show inflation resumed its downtrend in June.
Asia stocks look set for gains and US equity futures climb after President Donald Trump suspended his plans for tariffs on Mexico.
Last year's series of interest-rates increment in the Philippines will ease its monetary policy.
Peso, the Philippine currency, strengthened 0.8% to 51.70 per dollar in February, the best performance among Asian currencies.
As the nation gears up for polls due in May, political uncertainties may pose an added source of pressure to those stemming from its long-running deficits.
Dragged down by banking stocks, the BMV index slid 6.18% after Senate majority leader Ricardo Monreal introduced the bill, before recovering ground slightly to close down 5.81%.
The struggling peso has left tourist guides a touch out of date.
Traders are awaiting the outcome of talks between the Argentine government and the International Monetary Fund that began last week.
Kejatuhan ketara peso Argentina mengikuti lira Turki, sekali lagi mencetuskan kebimbangan mengenai risiko kesan penularan dalam kalangan mata wang ekonomi pesat membangun.
The news report sends Argentina's bond prices higher and helped Argentina's Merval stock index close 4% higher.
US President Donald Trump gave fresh impetus to trade worries at the weekend when he said there was no need to keep Canada in the North American Free Trade Agreement and warned Congress not to meddle with the trade talks.
Macri said that far-reaching measures to balance the budget were the only way to draw a line under repeated bouts of financial turmoil over decades in Argentina.
A report that Donald Trump is planning to impose tariffs on a further US$200 billion of Chinese imports next week has increased trading floor fears, with most equity markets across the region also down.
As investors dumped Turkish and Argentinian assets, countries with large current-account deficits such as Indonesia and India have also seen their currencies and bonds come under selling pressure.
The run on the peso prompted Argentina to turn to the IMF for the US$50 billion loan earlier this year - as part of the deal, Argentina's government pledged to speed up fiscal deficit reduction.
While the euro initially rose to as high as US$1.1698 in a knee-jerk reaction to the news, it quickly lost steam as Seehofer's departure would be seen as making Merkel's future even more uncertain.
The Argentine peso jumped after the central bank said it will hike banks' reserve requirements.
PensionIssste manages about US$10.5 billion of mostly government workers' retirement money.
Duterte has already approved the auction of 21 projects worth US$16 billion, including the overhaul of Manila's shabby airport and a railway line on Mindanao island in the south.