Investors undisturbed by political noise

Investors may take positively how President Ferdinand R. Marcos Jr. handles the current political noise as the Chief Executive knows what to prioritize, Sun Life Investment Management and Trust Corp. president Michael Gerard Enriquez said in a report by Philippine News Agency.

On the sidelines of the Canadian Trade Mission’s visit to Sun Life Philippines’ headquarters in Taguig City Thursday, Enriquez said investors do not look at the current political noise as something alarming.

Asked if the ongoing impeachment complaints against Vice President Sara Duterte would hurt investor sentiment, he said it has nothing to do with what is currently happening in the market.

“In terms of investor sentiment, I don't see any (impact). I think this is not the first time that we've seen a lot of these what we call political posturing, especially towards the midterm elections,” he said. “I think for us, it's more of (a) noise.”

Enriquez said the President has been doing “a very good job in prioritizing what matters” and “what the country needs,” like passing the 2025 national budget.

“And this is a good projection of how serious the government is in ensuring that our economy will continue to grow. And that is really something that will be picked up by foreign investors,” he added.

Meanwhile, the insurance company maintained its 2024 gross domestic product (GDP) outlook for the Philippines at 5.6 percent given the slower GDP in the third quarter of the year at 5.2 percent.

For next year, the GDP is projected to increase to 6.2 percent.

Inflation is seen to return to more stable ranges at 3.3 percent in 2024 and 2.8 percent in 2025.

The peso-dollar exchange rate this year is seen to end between the 57 and 58 levels and trading between the 54 and 57 levels next year.