Palace says local stock market’s performance shows confidence on Duterte admin

January 28, 2018

Malacanang welcomed on Sunday the performance of the local bourse, which hit the 9,000 mark last Friday.

"Investors' market confidence under the leadership of President Rodrigo Roa Duterte continues to grow as evidenced by the Philippine Stock Exchange (index) breaching the 9,000 mark," Presidential Spokesperson Harry Roque said in a press briefing in Iloilo.

Closing at a new all-time high of 9,041.2 last Friday, Roque said this was first in history.

"Our economy is indeed in a roll, we expect to reach our growth target for the year with the implementation of the first package of the Tax Reform for Acceleration and Inclusion (TRAIN)," he said.

"Together, let us seize the momentum and build a nation founded on sustained, inclusive and robust growth," he added.

PSE President and CEO Ramon Monzon said since the start of the year, the PSEi has broken through new record highs for a total of eight times.

“We are hopeful that the market’s level will be sustained on the back of solid macroeconomic fundamentals and on expectations of upbeat corporate earnings from our listed companies. Our market is likewise in sync with regional bourses that have reached record highs this month,” Monzon added. Ella Dionisio/DMS