NextGen Day

MANILA, Philippines – Undersecretary Rosemarie Edillon of the National Economic and Development Authority (NEDA) stated on Wednesday that the US interest rate hike and market concerns caused by the approaching change in administration primarily affect the performance of the local stock market.

Following the national and municipal elections, the Philippine Stock Exchange index (PSEi) has fallen for two trading days in a row.

The local stock exchange fell 1.27 percent to 6,635.86 on Wednesday, following 0.58 percent losses on Tuesday.

Edillon stated during the Laging Handa public briefing that if the declining trend continues, the economic team will constantly examine the situation.

“So, iyon po ang kailangan nating bantayan dito, kasi kung halimbawa temporary po na pagbaba ay hindi po tayo gumagawa ng aksiyon sa mga temporary na pangyayari ay hindi po tayo gumagawa ng aksiyon sa mga But if it’s sustainable, it’s iyong kailangan nang mag-address (So that’s what we need to keep an eye on here, because if, for example, this is just a transient decline, we won’t do anything about it). But if it is to be sustained, we must address this),” the NEDA official stated.

She attributed the PSEi’s recent decrease to a number of causes, including the US interest rate hike and local uncertainty as to the country transitions to new leadership.

“It’s a result of a number of factors,’ no. Iyong pagtaas ng interest rates sa US isa na rin diyan. So, iyong iba ay pumupunta po sa US markets kasi biglang naging mataas na iyong returns doon sa kanila. Others are flocking to the US markets in search of bigger returns),” Edillon explained.

She went on to say that the economic team expects the local stock market’s downturn is only temporary.

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