Look at how Philippine stocks act when access to capital is cheap and flowing versus when it's tightening. That last melt up in stocks coincides directly with the last round of easy money overnight rate cuts.
This morning the central bank raised rates another 25 basis points in order to "tame inflation". Remember, inflation can be imported to a country whose currency is crashing. Inflation in the Philippines was recently reported at +13% y/y.
The titanic is turning here. If you have to be invested, wade into those waters of "emerging Asia" equities with extreme caution.