Both the Philippine peso and local stocks plunged Thursday after the third-quarter gross domestic product growth came in below market expectations.
Aside from weak third-quarter GDP, veteran stock broker Jonathan Ravelas said the continued weakness of the peso against the dollar contributed to the market’s decline. The decisive win is expected to pave the way for a series of business-friendly measures such as tax cuts and deregulation, though analysts warn that such moves — along with the pledge to impose duties on imports — could relight inflation.
“Does the election result lead to meaningful changes for economic demand or inflation that warrant a different policy path?; have jitters about job-market deterioration been overstated?; where is inflation headed?; and what is the right level for rates, anyway?” “The offset to this will likely be a more aggressive policy response in Asia, both fiscally and monetarily.
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