MANILA - Political noise appeared to have little impact on the stock market in 2017, reflecting the maturity of investors who focused more on the Philippines, economic fundamentals, financial planners said.
The Philippine Stock Exchange Index closed at an all-time high of 8,558.42 points on Dec. 29, the last trading day of 2017. Financial markets will reopen on Wednesday.
“Nothing surprises us anymore and people have learned how to turn off political noise. They take a look at economy, global economy, how companies are earning money - those things that are really more important,” financial planner Randell Tiongson told ANC’s On the Money.
Investors "focus on value," said financial planner Marvin Germo. "It always goes back what you are buying if it doesn’t affect you shouldn’t be scared."
President Rodrigo Duterte continued to defy criticism of his drug war last year and pivoted foreign policy towards China.
Martial law in Mindanao was extended to the end of 2018 even after five-month-long military operations against Islamic State-inspired extremists in Marawi City ended in October.