President of the Philippines, Rodrigo Duterte, has accused the United States of "undermining" the Philippine economy, as its currency peso dropped to a seven-year low against the US dollar this week.
To counter stock market declines and the exodus of foreign investors, Duterte said he would seek closer economic ties with China and Russia. The Philippines is a former American colony and a long-time treaty ally with the US. The two countries will conduct joint military exercises in October.
