Philippine Congress moves to impeach Vice President Sara Duterte again
The Philippine House of Representatives is taking up a second impeachment complaint against Vice President Sara Duterte. The charges focus on unaccounted confidential funds. The peso slid about 0.8 percent against the dollar as proceedings began.
Of the 320 House members, 218 have signed the second impeachment complaint. The charges focus mainly on confidential funds spent under the Education Department and the Office of the Vice President budgets without proper accounting. The petition also references 'intimidation' remarks made in 2024. The first impeachment case was dismissed last year on procedural grounds.
Duterte said in a statement that the proceedings were driven by 'the Marcos dynasty.' President Ferdinand Marcos Jr. said he would not intervene in the judicial process. The Senate is expected to act as the trial body and conclude the case within four months.
The PSEi in Manila fell 1.3 percent. The ten-year bond yield rose 15 basis points. The banking sub-index led the losses. Citi analysts said the uncertainty could push back the central bank's rate cut timetable. Markets in neighbouring Indonesia and Vietnam remained relatively stable.
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