Earnings downgrades have been steepest in the Philippines and Thailand, according to Bloomberg Intelligence analyst Sufianti. Inflation surged to a three-year high in the Philippines, which imports nearly all of its fuel from the Middle East, while Thailand’s economy relies heavily on tourism. Indonesia and Malaysia have fared better, backed by stronger commodity prices that have helped offset rising energy costs. Companies in Singapore and Vietnam, meanwhile, are faced with rising logistical costs as suppl ...