MANILA – The stock market has “seen the worst” this year and is poised to recover from bear territory, a fund manager said recently.
Interest rates will continue to rise, leading to the peso’s continued weakness against the dollar, said BPI Investment Management president Martin Enrile. The local unit could depreciate to P54.50 to the greenback by the end of the year, he said.
“We’ve seen the worst for the year” when the Philippine Stock Exchange Index fell below 7,000 points in June, Enrile told ANC.
“We are fairly confident we’ll see a recovery, but the question really is when,” he said. (ABS-CBN News)
