Economics
Philippines Trounces Global Stocks in Aquino-Led Rally
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The world’s biggest equity bull market is propelling Philippine valuations to all-time highs as international investors pile into the country’s stocks in an endorsement of President Benigno Aquino’s economic policies.
The Philippine Stock Exchange Index climbed 13 percent this year through yesterday, bringing gains since October 2008 to 285 percent, at least 124 percentage points more than every other bull market in emerging and developed nations, according to data compiled by Bloomberg. The index turned into Asia’s most expensive from the second-cheapest four years ago as rallies in Ayala Land Inc. and Bank of the Philippine Islands lifted the gauge to 19 times estimated profits.