PHILIPPINE STOCKS declined further on Wednesday as risk-off sentiment prevailed before the release of second-quarter gross domestic product (GDP) data this week, even as inflation slowed in July and global oil prices eased. The Philippine Stock Exchange index (PSEi) dropped by 0.16% or 10.33 points to close at 6,286.31, while the broader all shares index went down by 0.07% or 2.53 points to end at 3,412.82. Weakness was broad-based, suggesting investors were reluctant to add risk ahead of Friday’s 2Q GDP release,” AB Capital Securities, Inc. said in a market note. A BusinessWorld poll of 21 economists and analysts yielded a median GDP growth estimate of 2.8% for the April-to-June period. Net foreign selling was at P585.29 million, a reversal of the P249.91 million in net buying in the previous session.