MANILA - (UPDATE) President Rodrigo Duterte assumed office on Thursday with financial markets hopeful he would sustain the momentum of one of Asia’s fastest growing economies.

The 71-year-old Duterte has promised to raise infrastructure spending, spread development to the countryside, cut red tape and lower income taxes as part of a 10-point economic plan.

"The market’s response has been positive, that in my mind is what the sentiment expresses," First Metro Asset Management President Gus Cosio told ANC’s "Market Edge with Cathy Yang."

The Philippine Stock Exchange Index rose to near 8,000 points in intra-day trading before closing flat at 7,796.25 while the peso opened stronger against the dollar before closing slightly lower at P47.06.

Century Pacific Food Inc. President Christopher Po said Duterte's push to spur regional economies would be good for business. Anti-poverty initiatives could boost consumption, he said.

While sentiment was generally upbeat, investors needed clarity on the Duterte government’s stand on mining after the appointment of anti-mining campaigner Gina Lopez as environment secretary, said Papa Securities research head Ramon Kabigting.

"Last week, we were happy about Digonomics being formulated already, the next thing we knew, there were some quarrelsome instances," Kabigting also told "Market Edge."

"Digonomics" is an apparent play on Duterte's nickname, Digong. His predecessor, outgoing President Benigno Aquino, had coined "Aquinomics," meaning economic growth rooted in corruption-free governance.

Lopez said the local mining industry had a "pathetic record" of keeping their host communities poor while destroying the environment. Mining shares tanked on news of her appointment.

"The industry looks forward to a leader who is both a regulator and a champion of the development of the industry… We would like to see a cabinet secretary who helps develop that industry," Kabigting said.