PRESIDENT Rodrigo Duterte’s public satisfaction rating may have dipped based on the latest SWS survey but the bullish equity market in the Philippines is telling a contrary story.
Duterte’s rating is rising with the surging Philippine Stock Exchange Index (PSEi), reported Forbes magazine on Wednesday.
The PSEi’s 8 percent gain in the last three months and its 0.68 percent rise in Monday’s trading indicates that “equity markets are following Duterte’s economy, which has been doing great recently”, contributor Panos Mourdoukoutas wrote in the Forbes report.
The PSEi’s surge to a new high Tuesday to 8,398.04 points, up by 0.37 percent or 30.66 points, reinforces the view.
The Philippines has the 10th fastest growing economy in the world in 2017 and the World Bank’s latest edition of Global Economic Prospects forecasts between 6.5 to 7.5 percent GDP growth, almost twice the country’s long-term growth.
Boosting the economic growth is the rise in exports by 12.1 percent from a year earlier to $4.81 billion in April plus low inflation and low debt to GDP ratio, according to the report.