After a rough start this year, the Philippine economy is seen regaining lost ground and is likely to attain a full-year growth of 5-6 percent, in turn perking up corporate earnings and stock prices.
This is based on the mid-year macroeconomic briefing of First Metro Investment Corp. (FMIC) and the University of Asia and the Pacific (UA&P), which expressed confidence in the country’s recovery from the worst recession in history seen last year.
The improving macroeconomic backdrop is seen to support a 25-percent growth in full-year corporate earnings, that will allow the main-share Philippine Stock Exchange index (PSEi) to climb to at least 7,400 to as high as 7,800 by year-end.
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Keep on reading: FMIC, UA&P see economy growing 5-6%, PSEi hitting 7,800