MANILA -- The World Bank has trimmed the Philippines' gross domestic product (GDP) growth forecast this year to 5.9 percent from 6 percent due to weaker-than-expected growth in the third quarter, its latest Philippines Economic Update showed Tuesday.

The report, released on Tuesday, attributed the downward growth forecast to several typhoons that slammed the country, affecting millions, destroying crops and property, damaging infrastructure, and disrupting economic activity, particularly in tourism and construction. (Philippines-GDP Forecast-World Bank)

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SEOUL -- South Korea's National Assembly Tuesday passed a bill to appoint a permanent special counsel to investigate insurrection charges against President Yoon Suk-yeol, as well as a resolution calling for Yoon's immediate arrest over his botched martial law declaration.

The bill, which was finally approved in a 210-63 vote with 14 abstentions, calls for an investigation into the embattled president, former Defense Minister Kim Yong-hyun, Army Chief of Staff Park An-su, who had been named to lead the martial law command, and other officials involved in imposing martial law on Dec. 3. (South Korea-Parliament-President Yoon)

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KUALA LUMPUR -- A Malaysian research house has foreseen resilient ASEAN economic growth next year despite looming global economic tensions.

Maybank Investment Bank said in a report on Tuesday that going into 2025, the outlook for the Association of Southeast Asian Nations (ASEAN) is clouded by U.S. President-elect Donald Trump's radical policy shifts and a looming global trade war. (Malaysia-Economy-Forecast)

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SYDNEY -- Australia's central bank on Tuesday kept its key interest rate on hold for a ninth meeting in a row.

The Reserve Bank of Australia (RBA) decided to keep the cash rate target unchanged at 4.35 percent, where it has been since November 2023. (Australia-Central Bank-Rate)

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JAKARTA -- Indonesia's Coordinating Minister for Economic Affairs Airlangga Hartarto expressed his confidence on Tuesday that the country will achieve its projected economic growth rate of 5.2 percent in 2025.

According to Airlangga, the optimism is supported by data from the Organization for Economic Cooperation and Development (OECD), which has forecast Indonesia's economic growth at 5.2 percent for 2025. (Indonesia-Economic Growth) Enditem

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