The Philippine peso has erased losses incurred as Rodrigo Duterte, a mayor known more for talking tough and fighting crime than economic management, led the presidential race. Local markets rallied after his landslide win in the May 9 vote, as investors were assured Duterte will continue the pro-growth policies of outgoing President Benigno Aquino. The peso has rebounded to levels last seen in mid-October and the benchmark stock index has surged about 8 percent since May 6, as foreigners poured $433 million into local shares.

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