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Incoming DOF spokesperson cites rise in net foreign buying in PSE

By Joann Santiago, Philippine News Agency

MANILA, June 15 — Incoming Department of Finance (DOF) Spokesperson Paola Alvarez has noted a rise in net foreign buying in the Philippine Stock Exchange (PSE) from May to June 10 this year, attributing this to regained investors’ confidence in the country after the May 9 polls. Citing PSE data, Alvarez said net foreign buying during the said period rose by 22 percent to about Php 20.13 billion compared to the Php 16.54 billion during same period in 2015.

MB File photo.

MB File photo.

Net foreign buying last May amounted to Php 14.15 billion while it amounted to Php 5.98 billion from June 1-10. ”Although there are various reasons for the increase in net foreign buying, it cannot be denied that the election of a new President with a steadfast character and the appointment of a learned secretary of finance are contributing factors,” Alvarez said.

IGC Securities Chairman Ismael Cruz cited the peaceful elections along with the 6.9 percent first quarter domestic growth, the highest in Asia for the period, lack of increase in the Federal Reserve key rates, and the announcement of the incoming Duterte administration’s Cabinet officials and economic agenda as contributing factors to the positive turnout in the local bourse from last May until June 10.

Also, A&A Securities’ Justino Calaycay said incoming President Rodrigo Duterte’s statement to keep the Aquino administration’s economic policies and programs was a plus. ”Economic-wise, there is something which investors and market watchers, businessmen, etc. can hinge their forecasts on,” he said. Meanwhile, the incoming Duterte administration’s inclusive growth bid will be explained further to business leaders through a two-day conference set in Davao City on June 20-21, 2016.

Incoming Finance Secretary Carlos Dominguez, in a statement, said he will present the Duterte administration’s 10-Point Socioeconomic Agenda during the event to also generate recommendations on how to address major challenges in achieving inclusive growth. The event, to be held in SMX Convention Center inside the SM Lanang Premier and is dubbed “Sulong Pilipinas: Hakbang Tungo sa Kaunlaran (Philippines Onwards: A Step Towards Progress), will be co-presented by the Philippine Chamber of Commerce and Industry (PCCI). It is eyed to become an annual event under the incoming administration.

Incoming NEDA Director-General Ernesto Pernia is scheduled to brief delegates on the country’s economic situation while Alvarez will moderate a 21st century-style town hall meeting.