J.P. Morgan Global Research has downgraded the Philippines to “underweight” and ranked it last in the order of preference in ASEAN in its equity investment strategy immediately after the conclusion of national and local elections.
In its ASEAN Equity Strategy released on May 9, 2022, J.P. Morgan also downgraded the Philippine real estate sector to neutral.“We recommend selling into a possible post-election hope rally in-line with the Philippines Equity Strategy team’s view,” said JPM, the global leader in financial services.
But it expects “re-opening benefits for the GDP growth trajectory to wane next year and put strong pressure on the government to deliver on capital outlay spending acceleration.” Meanwhile, inflation due to rising oil prices and reduced real income would drag private consumption, which accounts for more than 75 percent of the Philippines’ GDP.
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