The benchmark stock index of the Philippines plummeted on Friday (March 11), falling by 2.5% to 6200.97 points. The sharp market fluctuations are closely related to the news of former Philippine President Rodrigo Duterte being arrested under a warrant issued by the International Criminal Court (ICC).
On the 11th, the Philippine Presidential Palace confirmed that Duterte was arrested by the police at Manila International Airport according to a warrant by the ICC due to his "deadly war on drugs" during his presidency. A spokesperson for the Presidential Palace stated that the Manila office of Interpol received an official copy of the ICC's arrest warrant in the morning, and Duterte is currently detained.
In addition, the Philippine government has taken emergency measures in response to the further development of this incident. According to Philippine media reports, Interpol has issued a red notice for Duterte, and various domestic departments, including the police, are now on high alert. Ruiz, the Minister of the Presidential Communications Office, indicated that the government is fully prepared to guard against any potential emergencies.
This arrest warrant signifies a further advancement in the ICC's charges against Duterte for crimes against humanity, and the outbreak of this incident has significantly impacted the Philippines' financial markets. The sharp decline in the stock index reflects the market's prevailing anxiety.
