EMERGING MARKETS-Philippine shares rise on budget cheer, but mark biggest annual loss in two

* Philippine shares down nearly 9% in 2020 * Thai stocks reverse course to trade lower * Taiwanese dollar leads gains on Asia FX By Pranav A K Dec 29 (Reuters) - Philippine shares rose on Tuesday after the country approved a record budget to shore up its economy, although the benchmark closed the year as one of the worst performers in the region due to the economic damage caused by the COVID-19 pandemic. In their last trading day of the year, stocks in Manila finished at a near one-week high and recorded their third straight monthly gain, following the signing of a 4.5 trillion pesos ($93.73 billion) budget. Luis Limlingan, managing director at Manila-based brokerage firm Regina Capital Development Corp said that some year-end window dressing by money managers also aided the market. But, for the year, the benchmark closed nearly 9% lower to mark its worst annual performance in two years as the country battles the second-worst virus outbreak in Southeast Asia. In Malaysia, a slump in the shares of glove makers hurt the benchmark index, with heavyweights Top Glove Corp and Hartalega Holdings down for a third session. Glove-making companies had enjoyed a surge in demand during the coronavirus crisis, but vaccine approvals and worries about their treatment of migrant workers have slowed their momentum. While Bangkok shares traded higher during most of the morning session, the index changed course to trade lower as the first coronavirus death in nearly two months ignited fears of more lockdowns. "Fears of more lockdowns remain a major source of concern for the market after the rapid spread of the COVID-19 virus, both at home and abroad," analysts at Phillip Securities said. However, the Thai baht climbed 0.4%, drawing support from news that Britain was nearing an approval a COVID-19 vaccine candidate developed by Oxford University and AstraZeneca. Analysts at Phillip Securities also said Thailand should reap the benefits from the vaccine approval as it signed an agreement to partner with AstraZeneca-Oxford to produce and supply their COVID-19 vaccine for the Southeast Asian region. Most other markets across the region gained, with Seoul's KOSPI closing at a record high, while Indian shares and Singapore's FTSE Straits Times Index rose about 0.3% each. Currencies across Asia's emerging markets were flat to stronger as the dollar languished amid optimism around a COVID-19 relief package in the United States. The Taiwanese dollar led the pack, holding near its highest level since 1997, while the won gained 0.4% after reports Seoul will sign a deal with Moderna Inc to offer COVID-19 vaccines for 20 million people. HIGHLIGHTS: ** Indonesian 10-year benchmark yields are down 17.5 basis points at 5.922% ** In the Philippines, top index gainers are Megaworld Corp , up 3.03%, and Universal Robina Corp, up 2.35% ** Top losers on Thailand's SETI include Delta Electronics Thailand PCL, down 22.14%, and Union Plastic PCL, down 14.21% Asia stock indexes and currencies at 0829 GMT COUNTRY FX RIC FX DAILY % FX YTD % INDEX STOCKS DAILY % STOCKS YTD % Japan +0.15 +4.82 2.66 16.53 China +0.13 +6.63 -0.54 10.78 India +0.13 -2.77 0.35 14.40 Indonesia +0.21 -1.63 -0.94 -4.18 Malaysia -0.01 +1.01 -0.61 2.84 Philippines +0.00 +5.45 0.25 -8.64 S.Korea +0.42 +5.89 0.42 28.34 Singapore +0.20 +1.29 0.35 -11.56 Taiwan +0.04 +5.58 -0.08 20.63 Thailand +0.43 -0.40 -0.30 -8.33 (Reporting by A K Pranav in Bengaluru; editing by Uttaresh.V)