The Philippine Stock Exchange index closed lower on Thursday as market participants reduced exposure ahead of the release of the country's second-quarter gross domestic product figures.
Trading volumes thinned as investors adopted a wait-and-see stance, preferring to assess the economic data before committing to new positions.
The cautious sentiment marks a continuation of the pullback seen in Manila markets earlier in the week.
On Wednesday, Philippine equities extended their decline as risk aversion mounted.
The current session's softness reflects a broader reluctance to take directional bets while awaiting clarity on the domestic growth trajectory.
Geopolitical uncertainties are also influencing market dynamics.