After two years since his landslide presidential victory, Philippine President Rodrigo Duterte could finally be facing his biggest challenge yet. No, it is not his controversial war on drugs which Human Rights Watch says has claimed more than 12,000 lives. Nor is it his abysmal human rights track record.At the moment, the biggest concern for many ordinary Filipinos is the economy – a concern most likely shared by Duterte as well.
The Philippines is Asia's worst stock and currency market this year. A 6 percent slump in the benchmark index combined with a 4.6 percent slide in the peso means U.S. dollar-based investors are looking at double-digit losses. Year-to-date, foreigners pulled more than $580 million from shares, after inflows of $1.1 billion in 2017.Analysts aren't telling clients to buy the dip.
Investors rejoicing over the Philippine peso’s rally to a six-month high should beware: the currency is predicted to be Asia’s worst performer next year.The peso will slide to 51 per dollar by end of 2018, a loss of 1.5 percent from current levels, according to the median estimate of a Bloomberg survey, with a most bearish projection of 56.