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FILE PHOTO: PSE Center INQUIRER FILES
MANILA, Philippines — Investors should steer clear of Philippine stocks and keep exposure to local assets below typical levels at this time, a unit of London-based Oxford Economics said, warning that economic risks are likely to worsen even if the Middle East conflict eases.
In a note to clients, Yan Wang, chief emerging markets and China strategist at Alpine Macro, said the Bangko Sentral ng Pilipinas’ (BSP) decision to begin a new rate-hiking cycle in response to the oil shock had delivered a “double hit” to an economy still recovering from the fallout of a major corruption scandal.
READ: BSP delivers first interest rate hike in 2 years
