While President Rodrigo Duterte is off to the Middle East to try to strengthen bilateral ties and attract more investments and trade, the domestic economy is definitely on an upswing.
The peso has strengthened back to the P49 level against the dollar. This is the peso’s single biggest gain since March 2016 and erased all losses so far this year.
The Philippine Stock Exchange Index is up 0.45 percent to 7,617.91, its highest level in six months.
At the same time, Fitch Ratings has also affirmed the Philippines’ investment grade score.
Net inflow of foreign direct investments increased 13.2 percent in January to $685 million from $605 million a year ago, according to the latest Bangko Sentral ng Pilipinas figures.
What all this highlights is that the Duterte administration’s economic team is on the right track in economic construction and that investors remain optimistic on the growth trajectory of the Philippine economy based on our sound economic fundamentals.