Malacanang welcomes the Philippine Stock Exchange's (PSE) new record as shares closed at a record high Friday.
Business News |
Metro Manila (CNN Philippines, January 29) — Malacanang welcomes the Philippine Stock Exchange's (PSE) new record as shares closed at a record high Friday.
The PSE index breached the 9,000 mark, with the trading session gaining 42.03 points at 9,041.20, up by 0.5 percent from Thursday's close.
"Our economy is indeed on a roll. We expect to reach our growth target for the year with the implementation of the first package of the Tax Reform for Acceleration and Inclusion (TRAIN)," Presidential Spokesperson Harry Roque said at a press briefing on the sidelines of the Dinagyang Festival in Iloilo Sunday.
The government expects to draw billions in revenue from the new tax law.
Roque said the record is proof of investor and market confidence under the leadership of President Rodrigo Duterte.
He added this will provide funds for the government's "Build, Build, Build" infrastructure program and spur development and generate livelihood opportunities for Filipinos.
Since the start of the year, the PSEi has reached new record highs for a total of eight times, according to the PSE.
"We are hopeful that the market's level will be sustained on the back of solid macroeconomic fundamentals and on expectations of upbeat corporate earnings from our listed companies," PSE President and CEO Ramon Monzon said in a statement Friday.
He added the country's market is in sync with regional bourses that have reached record highs this month.
In a statement last week, debt watcher Moody's Investors Service also called the Philippines "a standout" among Association of Southeast Asian Nations (ASEAN) economies.
Roque said Moody's cited increasing trade and domestic demand, stable credit conditions, and improved execution of government spending, among others.
Moody's is looking at a 6.8 percent GDP growth for the Philippines in 2018, with trade and domestic demand driving it.