Aquino: Record-high stocks show confidence in PHL economy

An indicator of a “resurgent” Philippines.

This was how Malacañang described the 7,120.48 finish posted by the Philippine Stock Exchange on Monday afternoon—the 88th record high reached by the local stock market under the leadership of President Benigno Aquino III.

In a speech in Marawi City, Aquino said these figures show the results of his anti-corruption drive and the international community's interest in the Philippine economy.

“We are now at 7,000, so hindi na ho masyadong malayo ‘yung 8,000, doble na, which is the thermometer or the barometer of business interest in our country. So when we need more resources, I am confident that we can tell you there will be more resources,” Aquino told school officials and students in a speech at the Mindanao State University (MSU).

Aquino was in Marawi City to lead the groundbreaking ceremonies for a new building in MSU. The President also joined the administration slate's sortie and met with local leaders in the area.

On Monday, the Philippine Stock Exchange index (PSEi) closed at 7,120.48 points—its 27th record-high this year—fueled by first quarter corporate earnings and the gains on Wall Street over the weekend.

'Manifestation of continued confidence'

Presidential spokesperso Edwin Lacierda meanwhile said that the Aquino administration considers stocks' record levels a “big leap,” considering that the government initially hoped Philippine shares would breach the 5,000 level. — BM, GMA News