Peso slides past 58 vs $1 on corruption woes

MANILA, Philippines — The Philippine peso weakened to its lowest level in nearly two months on Thursday, slipping past the 58 mark against the US dollar, as a corruption probe into government flood control projects stirred fresh political unease. The local currency closed at 58.10, down 63.9 centavos from the previous day and its weakest

ADB work in Philippines to continue

MANILA, Philippines — The Asian Development Bank (ADB) said a corruption scandal involving flood control projects would not deter it from financing work in the Philippines, noting that the institution maintains “close oversight” of its investments. “You know, we’re always cautious about all our projects,” Andrew Jeffries, the bank’s country director for the Philippines, told