Tan said the looming spread of the more infectious Delta variant remained, adding it was essential for the government to curb new cases and safely reopen the economy.“If the government can finally allow the economy to open on a sustainable basis, then we will avoid a credit rating downgrade,” she said during an online briefing on Monday.
The big drop for most of the year also meant investors could still scoop up index names and large companies at a discount to their historical valuations. Noticeably absent were other stocks associated with a boom in consumer spending during the elections despite the upcoming presidential polls in 2022.
“They don’t see as big a boost anymore,” Tan said, referring to Jollibee Foods Corp., which operates the country’s largest fast-food group. “Candidates are now ‘wise’ when they order food. They don’t order Jollibee anymore.”