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11 May 2022

J.P. Morgan drops Philippines to bottom of Investment Preference list after May 9 polls

The Index Today

The giant American financial services, J.P. Morgan dropped the Philippines to the bottom of an investment list with its Southeast Asian peers in a new report released during Monday’s presidential elections, which saw Ferdinand “Bongbong” Marcos Jr., the namesake son of the late dictator, headed for a landslide win.

According to the inquirer news, J.P. Morgan never mentioned Marcos’ name in the May 9 report that flagged rising risks from high public debt and surging inflation – factors it said would slow economic growth and hurt corporate profits.

Detailing its “new order of preference in Asean”, J.P Morgan ranked the Philippines behind its neighboring country, Vietnam, Singapore, Thailand and Malaysia.

It also advised investors to lessen their exposure to local stocks given its view to “downgrade the Philippines to underweight.”

J.P. Morgan said in the report, which was shared by clients to media outlets on Tuesday morning, “We recommend selling into a possible post-election hope rally.”

©Photo: Reuters

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