Anti-Marcos: JP Morgan downgrades Philippines to last place in ASEAN’s Big Six shortly after Bongbong’s landslide victory
Business

Anti-Marcos: JP Morgan downgrades Philippines to last place in ASEAN’s Big Six shortly after Bongbong’s landslide victory

American investment bank JP Morgan did not waste time in raining on presumptive president Bongbong Marcos’ parade which the Western media has universally branded a dictator’s son.

JP Morgan downgraded the Philippines to “underweight” (with its real estate sector to “neutral”) just hours after the Philippines wrapped up its elections and the early returns showed the pro-China Marcos winning by a landslide.

JP Morgan dropped the Philippines to the bottom of the six biggest economies in ASEAN after Indonesia, Vietnam, Singapore, Thailand and Malaysia.

“We recommend selling tin a possible post-election hope rally…Philippines equities face myriad challenges including twin deficits, higher inflation, slower government spending in the quarters after the election (transition pain), high public debt, risk of a valuation derating and potential earnings growth disappointment,” said JP Morgan.

“We expect re-opening benefits for the GDP (Gross Domestic Product) growth trajectory to wane next year and put strong pressure on the government to delver on capital outlay spending acceleration,” it added.

 

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