The Philippine main index was down 0.5 percent to 7,686.43 amid selling in recent gainers such as Petron Corp and Universal Robina Corp.
The Philippine central bank is expected to leave interest rates on hold on Thursday and keep policy largely unchanged until after the U.S. Federal Reserve increases rates there.
Singapore's key index rose 0.2 percent, with large-cap shares mixed. Global Logistic Properties was the top gainer, while Oversea-Chinese Banking Corp fell after its quarterly earnings came in below forecasts.
The Thai SET index was down 0.2 percent. Total Access Communication Pcl dropped 2 percent after the mobile operator missed expectations for its fourth-quarter earnings.
Brokers in Bangkok cited concerns about Greece.
Asian stock markets turned cautious on Wednesday, while the U.S. dollar crept higher as looming euro zone meetings to discuss the Greek debt crisis threatened to produce more confusion than clarity.
"Overall, further stock market consolidation is likely, awaiting more information on Greece's debt issue," strategists at KGI Securities wrote in a report.
Malaysia headed for a third straight day of falls ahead of fourth-quarter growth data.
Sluggish global demand for its exports and weak commodity prices are expected to have dragged Malaysia's economic growth in the fourth quarter of 2014 to its weakest pace in more than a year.
The Jakarta composite index rose slightly, recovering from Tuesday's loss.
Vietnam's benchmark VN Index climbed 1 percent, with most blue-chips advancing.
source: www.abs-cbnnews.com
