Ferdinand Marcos Jr. won the Philippine elections and now foreign investors are curiously want to know that a rally might be a challenge in the equities market, Ramon Monzon (Philippine stock exchange president) said in an interview.
Further, he has stated that “It’s going to be tough as we have lots of macroeconomic problems to manage the finance this time. He has mentioned that the new economy team has to do lots of work to settle all accounts to uplift the economy of the Philippines. Now, we need new revenue sources to make the country debt-free. We have lots of expectations with the new team to handle the situation positively in favour of the nation”.
As per the reports, the benchmark Philippine stock index got down by as much as 3.1% to a nine-month low a day after the election of 9th May. Before voting, the foreigners were the net sellers in the local stock market.
Investors are waiting to unlock the financial team members by the presumptive president Ferdinand Marcos. Further, Monzon also stated that “it is the necessary thing to change in the administration to improve the financial condition of the economy”. So many people have supported Marcos and looking for a positive change in the administration.
Revised rules in the capital market and providing more space for foreigners to invest are the positive points to get a hike in the stock exchange market. All the positive things are open to the new team now all the things depend on the new team how they will handle the financial economy of the Philippines.
Eyes on the other highlights regarding the stock market exchange:-
- At least 10% public float is required for the listed companies and 20% for new initial public offerings are low, however, revisions are needed to enhance more liquidity in the market.
- Hopefully, the stock market will on right track this year in terms of capital raised after a record of $4.5 billion last year.
Here are some views that the watchers are saying about the further actions of Marcos after taking charge in the office.
Wick Veloso ( president of Philippine National Bank) views:-
Investors want to hear Marcos’s further plans to create more jobs and help consumers and sectors that are the most effective due to the pandemic.
Tamara Mast Henderson, an economist at Bloomberg Economics has made the following statement-
The first and foremost work that team should do is work on robust foreign investment that is necessary for the strong growth and set the country’s debt on a track.