The honeymoon period of Philippine president Rodrigo Duterte appears to be over.
Foreign investors are pulling money out of the country's stock market rapidly, riled by a series of remarks made by the acid-tongued Duterte against key ally U.S. and China that have cast doubts over the future of the country's foreign policies as well as his handling of the economy.
Official data from the Philippine stock exchange showed the net foreign transactions on the benchmark Philippine Stock Exchange (PSE) index fell every week between August 15 and September 16.
The Philippine peso dropped 3.37 per cent against the dollar during this period, while the benchmark index has been the worst performer in the region over a one-month period.
"The President's statements have been very volatile these past few days, and it's starting to be a concern," Lexter Azurin, research head at Manila-based Unicapital Securities, told CNBC by email.