Shares rise as investors assess new director’s economic plan

Philippine equities ended the week on a positive note as regional equities rose as investors weighed statements made by the incoming Marcos administration’s economic team.

The benchmark Philippine Stock Exchange (PSE) index rose 1.21%, or 80.62 points, to 6,726.14, while the broader all-stock index rose 0, 77%, or 27.48 points, to 3,596.13.

Trading volume was relatively low on Friday with 917.4 million shares valued at P5.96 billion changing hands. PSE data showed that foreigners were net buyers to the tune of P160.14 million.

The government announced on Friday that Metro Manila and other provinces would maintain the most relaxed pandemic alert level from June 1 to 15 despite a slight increase in infections.

The new finance chief, Benjamin Diokno, also told the ANC on Friday that the economic team had “a plan” to reduce the country’s budget deficit.

Diokno said he was also not “worried” about the country’s growing level of debt, over 60% compared to the country’s economic output.

—Miguel R. Camus

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