Southeast Asia’s best performing stock market – MoneyWeek – bt365博彩_bet007足球网站_365bet亚洲体育在线

Theeconomy,oncelargelybasedonremittancesfromthediasporaandagriculture,ishummingalongata6%annualgrowthrate。

Ithasbeenbolsteredbyrecentderegulationandagrowingpresenceinhigh-techmanufacturingandoutsourcing,atrendunderpinnedbyaskilledandwell-educatedworkforce。

Fastergrowthhashelpedreducepublicdebt,whichisdownfrom70%ofGDPadecadeagoto40%now。

Acurrent-accountsurplusandasolidcushionofforeign-exchangereserveshavereducedthePhilippine’svulnerabilitytomoneyfleeingthecountryamidaglobalfinancialcrisis。

Inflationisundercontrolat3。

5%。

Theeconomyisamongtheleastexposedtoexternaltradeintheregion,with30%ofGDPstemmingfromgoodsandservicesexports,asLombardStreetResearchpointsout。

Ithasthepotentialtoboostdomesticdemandsinceithasoneoftheyoungestpopulationsofallemergingmarkets。

Thelabourforceissettogrowby23millionby2030。

OnlyIndiaandIndonesiawilldobetterdemographically。

Throwinitslackofexposuretothecommoditycycle,anditlookswellplacedtokeepgrowingamidalacklustreglobalbackdrop。

But“investorsaresobullish”theymaybeignoringthecountry’s“structuralsins”,saysLuzLorenzoofMaybankATRKimEngGroup。

Akeyworryisthestruggletoraiserevenue。

Despiteaclampdownontaxevasion,taxrevenuesasashareofGDPhavebarelybudged,saysJeremyGrantintheFT。

Previousreformeffortshavetakenagestobepushedthrough,soinvestorsmaybeoverestimatingtheimpactofagovernmentdrivetoimprovethecountry’sinfrastructurewiththehelpoftheprivatesector。

Themarketisalsonolongercheaponaprice/earningsratioof18,andissusceptibletoshakyglobalsentiment。

Sostocksseemunlikelytogetmuchhigherfornow。

However,theencouraginglong-termoutlookmaymaketheUS-listedETFtrackingtheMSCIPhilippinesInvestableMarketindex(EPHE)worthexploring。


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