Differentiated

PHILIPPINES - Report 30 Aug 2013 by Romeo Bernardo and Christine Tang
The better than expected 7.5% 2Q13 growth certainly brought cheer to local stocks battered by two weeks of bad news. The main stock index rose a cumulative 6.0% in the past two days following the announcement yesterday that the local economy bested other Southeast Asian countries, where growth ranged from 2.8% (Thailand) to 5.8% (Indonesia) during the period. Several foreign analysts have announced upward adjustments to their growth forecasts, bringing their full year numbers closer to our earlier forecast of 7.2%. The local economy’s resilience in the face of external turbulence reinforces...

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