The Philippine Stock Exchange Index (PSEi) rose the most in six weeks against dollar as Filipinos are ready to accept the new form of government and the incoming President Rodrigo Duterte, sought to ease investor concerns.
The currency also strengthened versus all of its 10 Asian neighbors. Peso gained 34 centavos against US dollar Tuesday, a day after a long weekend due to the national elections Monday.It closed the trade at 46.75 from 47.09 Friday last week, which attributed to the long weekend.
Duterte's clarity on his appointments to key posts, priorities of his administration and the timeline to achieve them would be keys to win both local and foreign investors, said Jonathan Ravelas, Banco de Oro Chief market strategist.
Duterte on Monday said, it was time to start a process of "healing,' and named potential cabinet members.Uncertainty because of lack of economic plans and policy-making experience had sent investors rest for awhile in the weeks before the election.
Duterte told reporters he may appoint Carlos Diminguez, a former agriculture secretary to the late President Corazon Aquino, as finance or transport chief, and Alan Cayetano as foreign secretary. Dominguez owns a hotel and it's Duterte's childhood friend.
The once labeled Asia's "sick man," the nation of 101 million people has earned World Bank praise as the continent's "rising tiger" under outgoing President Benigno Aquino III, posting average annual growth of 6.2% over the past six years.
The currency also strengthened versus all of its 10 Asian neighbors. Peso gained 34 centavos against US dollar Tuesday, a day after a long weekend due to the national elections Monday.It closed the trade at 46.75 from 47.09 Friday last week, which attributed to the long weekend.
Duterte's clarity on his appointments to key posts, priorities of his administration and the timeline to achieve them would be keys to win both local and foreign investors, said Jonathan Ravelas, Banco de Oro Chief market strategist.
Duterte on Monday said, it was time to start a process of "healing,' and named potential cabinet members.Uncertainty because of lack of economic plans and policy-making experience had sent investors rest for awhile in the weeks before the election.
Duterte told reporters he may appoint Carlos Diminguez, a former agriculture secretary to the late President Corazon Aquino, as finance or transport chief, and Alan Cayetano as foreign secretary. Dominguez owns a hotel and it's Duterte's childhood friend.
The once labeled Asia's "sick man," the nation of 101 million people has earned World Bank praise as the continent's "rising tiger" under outgoing President Benigno Aquino III, posting average annual growth of 6.2% over the past six years.
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