Update on Philippine Shares Following the Election Day
PHILIPPINE SHARES – The PSE opened lower today, May 10, 2022, a day after the election in the Philippines and here’s what COL Financial has to say.
The May 2022 Elections in the Philippines is a sight that was not missed by the world. Nations are watching as to what will happen. Undeniably, the presidential race caught the attention of other nations even more as it is no secret to other countries that one of the candidates, former Senator Bongbong Marcos, is the son of the late dictator Ferdinand Marcos Sr. He’s regime was surrounded by issues and allegations of corruption.
Currently, issues surrounding the alleged ill-gotten wealth of their family have yet to be resolved. Marcos Jr. is leading the presidential race. Amid the situations favoring him, there are social media posts stressing the drop in the Philippine shares a day after the Elections 2022.
Based on a report on ABS-CBN News, the Philippine shares opened at 6,632 level on Tuesday, May 10, 2022, a day after the May 2022 Elections. It is 1.89% lower compared to Friday’s PSEi opening.
Speaking to ANC, COL Financial Vice President and Head of Research April Lee Tan expressed that it is too early to say if the stock market does not like a Marcos presidency. According to her, she believes that the performance of the Philippine shares today is due to a global happening but she also believes that the market would have appreciated a victory of Vice President Leni Robredo.
Based on the report, Tan stressed that there are a lot of factors that can affect how others receive or see the Philipines and explain where the market is at. Reportedly, Bangko Sentral ng Pilipinas believes that the next administration will inherit a better economy. However, the country’s debt is also soaring high.
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