Asean markets - Philippines falls after GDP decline warning

SINGAPORE: Philippine shares fell on Monday following a warning that the coronavirus pandemic will likely send the economy into its first annual contraction in more than two decades this year, while financials helped Singapore rise after five sessions of losses.

Philippine gross domestic product would likely shrink by 0.2% in 2020 before bouncing back to about 7.7% as policy support measures gain traction, the central bank governor said on Saturday.