Fifth year of stocks rally seen | Inquirer Business

Fifth year of stocks rally seen

/ 09:58 PM December 25, 2012

The local stocks index was seen rallying for the fifth straight year in 2013, targeting the 6,000 to 6,500 levels alongside a rosy local economic backdrop, Banco de Oro Unibank’s chief market strategist said.

In his yearend report, BDO’s Jonathan Ravelas also projected a peso-dollar range of 39 to 43.50 against the dollar for the coming year but said the local currency might settle at 41.10 by year’s end.

For the local economy, a gross domestic product growth of 6 percent is projected by BDO for 2013, more optimistic than the 5.2-percent market consensus for the coming year.

Article continues after this advertisement

“It is safe to say that the Philippines is definitely in a better shape than other economies. With continued public trust being enjoyed by the government as well as foreign confidence in our financial system continuously burgeoning, it is safe to say that we are on the right track,” Ravelas said. “But we should not rest on our laurels and be complacent, we are healthy and resilient but we are not immune to the sneezes and coughs of the global economy, so to speak.”
Ravelas noted that the stock market phenomenon had “strong legs” to support it.

“The economy is boosted by consumption-driven BPO (business process outsourcing) revenues and OFW (overseas Filipino worker) remittances along with stable macroeconomic numbers. Doris C. Dumlao

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

TAGS: BDO, bpo, Business, economy, GDP, Stock Activity

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our newsletter!

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

© Copyright 1997-2024 INQUIRER.net | All Rights Reserved

This is an information message

We use cookies to enhance your experience. By continuing, you agree to our use of cookies. Learn more here.