MANILA, Philippines - The Philippine Stock Exchange has been cited as the third best performing market in the world, according to the recent 2012 Market Highlights report released by the World Federation of Exchanges (WFE).
The WFE said the Philippine bourse was the third best among 50 of its member exchanges in 2012.
The PSE recorded a 38.9% expansion for its market capitalization in 2012, outpaced only by the stock exchanges in Turkey and Thailand.
"Ranking among the top markets around the world is a feat which I think all Filipinos can be proud of as we are pitted against the best of the best markets in these global rankings. This is a testament to what we have been saying that the Philippines is now indeed in the global radar for investments and these numbers prove our worth as a viable investment destination," PSE President and Chief Executive Officer Hans B. Sicat said in a statement.
The WFE report noted the 25.3% growth in value trading turnover at the PSE in 2012 was third best after Saudi Stock Exchange and Bermuda Stock Exchange.
The PSE was fourth in terms of expansion in number of trades; and had the fifth highest increase in broad market index for 2012.
This was the second year in a row that the Philippine bourse has been considered one of the fastest growing markets in the world.
In 2011, the PSE's growth rates of its broad market index, domestic market capitalization and trading turnover ranked first, third and fourth respectively out of 51 exchanges.
"For two consecutive years, our stock market has been recognized among the fastest growing markets. This just shows that our growth has been sustainable particularly as it founded on the increased economic activity in the country. We are excited about the outlook in 2013 as we also undertake new programs and introduce new products in our stock market to keep the growth momentum in the coming years," Sicat said.
The PSE index has been on a bull run, as investors were optimistic about the Philippine economy's prospects and expected upgrade to investment grade status this year.
On Monday, the main index breached the 6,700 level for the first time and notched its 21st record close for the year.