By Nikhil Subba and Nikhil Nainan March 19 (Reuters) - Philippine shares fell nearly 3% on Friday, leading declines across Asia, as a rise in U.S. bond yields continued to sap appetite for the region's equities and currencies. Emerging market central banks in Brazil and Turkey have aggressively raised interest rates to counter a rise in U.S. yields to stem capital outflows. "We expect the central bank to remain on hold in the near term despite inflation falling below the bank's 2%-4% target, as the currency is expected to remain pressured," said Nicholas Mapa, a senior economist at ING.