After defeating his opponents in a heated presidential election in Philippines, Rodrigo Duterte will now need to win over Filipinos and investors watching closely for how he will manage the economy.
Mr Duterte, 71, claimed victory in Monday's election after preliminary results showed he secured about 39% of the vote.
While the tough-talking mayor of Davao City won support with his pledges to fight crime, combat corruption and fix transport backlogs, uncertainty about his economic plans and his lack of experience in this area sent investors to the sidelines in the weeks before the election.
The peso weakened 1.9% against the dollar in the past month and the Philippine Stock Exchange Index dropped for a third consecutive week by 2.3%.
"We're looking for an administration that will have continuity - almost seamless - particularly in infrastructure," John Forbes, senior adviser at the American Chamber of the Philippines, said in an interview with Bloomberg TV's Haslinda Amin.
"The first challenge is going to be infrastructure because the growth of the economy has produced much more demand on roads and airports and seaports."
The one-month peso forward was little changed as of 7:07 am Singapore time Tuesday, after falling 0.3% to 47.40 per dollar the previous session in New York.
The country's dollar-denominated bonds due in 2041 advanced Monday, sending yields down three basis points to 3.29%, according to Bloomberg Bond Trader prices. The iShares MSCI Philippines exchange-traded fund declined 2.2% to a two-month low.
Mr Duterte told reporters on Monday he may appoint Carlos Dominguez as finance chief or to head the transport department. Mr Dominguez was agriculture secretary in the cabinet of late President Corazon Aquino.
He owns Marco Polo Hotel and is a childhood friend of Mr Duterte.
Once labeled Asia's "sick man", the nation of 101 million people has earned World Bank praise as the continent's "rising tiger" under outgoing leader Benigno Aquino III, posting average annual growth of 6.2% over the past six years, the fastest pace since the 1970s.
Despite those gains, poverty rates remain high and Mr Duterte tapped rising discontent among millions of voters who feel they haven't benefited from Mr Aquino's reforms.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
Mr Duterte, 71, claimed victory in Monday's election after preliminary results showed he secured about 39% of the vote.
While the tough-talking mayor of Davao City won support with his pledges to fight crime, combat corruption and fix transport backlogs, uncertainty about his economic plans and his lack of experience in this area sent investors to the sidelines in the weeks before the election.
The peso weakened 1.9% against the dollar in the past month and the Philippine Stock Exchange Index dropped for a third consecutive week by 2.3%.
"We're looking for an administration that will have continuity - almost seamless - particularly in infrastructure," John Forbes, senior adviser at the American Chamber of the Philippines, said in an interview with Bloomberg TV's Haslinda Amin.
"The first challenge is going to be infrastructure because the growth of the economy has produced much more demand on roads and airports and seaports."
The one-month peso forward was little changed as of 7:07 am Singapore time Tuesday, after falling 0.3% to 47.40 per dollar the previous session in New York.
The country's dollar-denominated bonds due in 2041 advanced Monday, sending yields down three basis points to 3.29%, according to Bloomberg Bond Trader prices. The iShares MSCI Philippines exchange-traded fund declined 2.2% to a two-month low.
Mr Duterte told reporters on Monday he may appoint Carlos Dominguez as finance chief or to head the transport department. Mr Dominguez was agriculture secretary in the cabinet of late President Corazon Aquino.
He owns Marco Polo Hotel and is a childhood friend of Mr Duterte.
Once labeled Asia's "sick man", the nation of 101 million people has earned World Bank praise as the continent's "rising tiger" under outgoing leader Benigno Aquino III, posting average annual growth of 6.2% over the past six years, the fastest pace since the 1970s.
Despite those gains, poverty rates remain high and Mr Duterte tapped rising discontent among millions of voters who feel they haven't benefited from Mr Aquino's reforms.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
0 comments:
Post a Comment