Philippine Peso, Stocks Jump as Duterte Claims Presidential Win
- Benchmark share index advances the most since January
- Duterte flags potential cabinet members, calls for `healing'
What Duterte's Victory Could Mean for the Philippines
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The Philippine peso rose the most in six weeks against the dollar as Rodrigo Duterte sought to ease investor concerns after claiming victory in the nation’s presidential election.
The currency also strengthened versus all of its 10 Asian peers as preliminary results showed Duterte, the tough-talking mayor of Davao city, won about 39 percent of the vote. He said on Monday it was time to start a process of “healing,” and named potential cabinet members. Uncertainty about his economic plans and lack of policy-making experience had sent investors to the sidelines in the weeks before the election.