Philippine market one of top 3 JP Morgan picks for 2013

Global investment bank JP Morgan has picked the Philippines as one of its three most-favoured stock markets for 2013, marking the fourth straight year that the local bourse is expected to outperform most of its regional peers. The two other Asian markets seen by JP Morgan as top market picks for next year are Thailand and India, citing favorable demographics as a common denominator with the Philippines.

In 2012, the Philippines was also in JP Morgan’s most favoured markets along with Thailand and Indonesia. JP Morgan expects average earnings per share in the market to grow at a faster pace of 17 percent next year from 12 percent last year, writes Doris Dumlao for Philippine Daily Inquirer.

Philippine grows 7.1% in Q3, highest in ASEAN

The Philippines’ economy grew by 7.1 per cent in the third quarter of 2012, which is the highest growth rate in Southeast Asia according to the National Statistical Coordination Board (NSCB). Main drivers of the growth rate are the services sector, supported by "the five consecutive quarters of sustained accelerated growth of the industry and the seemingly weather tolerant agriculture sector." This growth rate is the highest under the Aquino administration and the fastest in Southeast Asia, and second-fastest in Asia next to China’s 7.7 per cent, writes Cai Ordinario for Rappler News.

Philippine stocks keep on rising on brighter prospects for 2013

The Philippine Stock Exchange index (PSEi) hit record high for the 33rd time this year last 3 December led by cyclical banking and property stocks on robust prospects for 2013. The main-share index racked up another 32.25 points or 0.57 per cent to close at the day’s peak of 5,672.70, the highest level ever hit by the index. 

The index was led by the financial (+1.72 per cent) and property (+1.28 per cent) counters, writes Doris Dumlao for Philippine Daily Inquirer.

November inflation eases to 2.8 %

Philippine inflation rate slowed down to 2.8 per cent in November compared to 3.1 per cent in the previous month due to the ample supply of food and fishery products, and lower prices of domestic petroleum. According to the Central Bank of the Philippines, improved domestic demand conditions highlight policy settings are still appropriate for the time being. The November inflation print was the slowest since June’s 2.8 per cent. The National Economic Development Authority (NEDA) said that lower inflation rate implies easing of demand pressures on consumer prices, writes Edu Lopez for The Manila Bulletin Online.