Philippine stocks are nearing a bear market, with the Philippine Benchmark Stock Index sliding approximately 20% from its October high. Analysts indicate that the market is about 1% away from entering bear territory, with a critical level to watch set at 6,043. This downturn is attributed to concerns over disappointing economic growth and rising global headwinds, which are contributing to fears of a recession. The situation reflects broader market trends, as bear markets are often triggered by expectations of falling profits.