MANILA - President Rodrigo Duterte's economic policies are "robust" even as foreign investors are pulling out of the stock market, businessman Manuel Pangilinan said Monday.
International investors were net sellers for the 23rd straight trading day while the peso slid to a seven-year low against the dollar on Monday with some analysts blaming the weakness to concerns over Duterte's tough talk against the the country's key ally, the United States, and international organizations critical of his bloody war on drugs.
Pangilinan said the stock market was the "most volatile layer" of foreign investments, and businessmen he spoke to at a recent forum in Hong Kong thought Duterte was making "great strides" in the economy.
"There are good signs that they will move quickly with respect to their programs and the decisions that need to be made. In that respect investors should take comfort that the economic policies will be pursued," Pangilinan told reporters.
"I think the fundamentals are there and we're quite confident that the economic policies are robust," he said.
American debt-watcher S&P Global Ratings said last week the predictably of the country's economic policy-making had "diminished somewhat" with the President focused on his anti-narcotics campaign while throwing constant jabs at the US, United Nations and European Union.
Finance Secretary Carlos Dominguez, however, said the President was "loud and clear" with his policy-making as he reassured investors of the country's sound macroeconomic fundamentals.