Economics
Duterte Takes Philippine Stocks on Wild Ride in First 100 Days
- Share index only decliner in Asia since president took office
- Foreigners pull $531m from equities in 22-day run of outflows
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Investors in Philippine shares are giving Rodrigo Duterte the worst reception for a new president in almost two decades after a tumultuous first 100 days.
The Philippine Stock Exchange Index has dropped 2.8 percent since the day before Duterte’s June 30 inauguration, the only decliner among major Asian gauges and trailing a 11 percent advance in the MSCI Emerging Markets Index. It’s the poorest showing for a new leader since stocks slumped 31 percent in 1998 in the first 14 weeks of the presidency of Joseph Estrada, the film actor turned politician who was impeached for corruption three years into his term.