[ANALYSIS] Why is the PH stock market among world’s worst?

Photo via rappler.com

By JC Punongbayan/rappler.com – It’s been a tough year for the Philippine economy thus far. Not only is the Philippine peso one of the weakest currencies in ASEAN, but Philippine inflation is also the highest.

There is a third way our economy stands out in the region this year: as of last week, the Philippine Stock Exchange Index (PSEI) fell by 18% since the beginning of 2018, becoming the worst-performing stock market in ASEAN.

In early October, it actually fared as the world’s worst.

Figure 1 shows that the PSEI fell by more than 15.4% from October last year. By contrast, Indonesia’s stock index fell by 2.3% only, while Malaysia and Thailand’s indices actually rose by 0.33% each.

While all 4 ASEAN stock markets plummeted since early 2018, the Philippine market by far plunged the most. How come?

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