August 27, 2003

You Can Always Count On Scandals

Well hello Mr. Pidal! Come to think of it, Mike Arroyo's a better scapegoat than Paeng. He's not very well liked and the markets won't mind so much if they crucify him. Quite surprisingly though, the stock market's holding steady. Why is that? Well, there's the peso depreciation which has been inflating stocks with dollar counterparts (PLDT at P555 and MFC at P1620). Then you have your foreign buyers still buying. Philippine assets are actually cheaper for them now. But overall I still think the third quarter decline will take place. But in the meanwhile, the peso should strengthen and rates in the secondary market should ease. Hello Jojo. Nice of you to drop by.