PHILIPPINE stocks succumbed to profit-taking in early trading Wednesday ahead of the Federal Open Market Committee meeting scheduled today where an increase in interest rates is expected to be announced.

The bellwether Philippine Stock Exchange index (PSEi) was down 188.74 points or 2.43 percent to pause at 7,582.56, while the wider All Shares was down 87.12 points or 1.85 percent at 4,617.42.