“Companies’ third-quarter earnings were in line and some were beyond expectation. Overall, recovery came from the government’s effort to open 100% of the economy,” Mercantile Securities Corp. Head Trader Jeff Radley C. See said in a Viber message.
Mr. Limlingan also said that remittances from Filipinos working abroad also helped in improving consumption. “These better-than-expected corporate earnings were reflective of recently reported third-quarter GDP growth, which ended up faster than expected,” Mr. Temporal said. He said that the reopening led to a significant recovery in jobs and businesses, which resulted in more money for people to spend.
“Going to the fourth quarter, while we do see earnings growth to continue on the back of the seasonal boost from the Christmas season, most of the numbers would be in line with expectations,” Mr. Temporal said, citing a fine-tuning of earnings estimates “to incorporate third-quarter figures.”