Duterte prefers 'hard investments' over hot money

Joel Guinto, ABS-CBN News

DAVAO CITY -- Maverick Mayor Rodrigo Duterte, who is leading in the preliminary poll results for president, said on Monday he favored "hard investments" over hot money inflows in the stock market and would study easing foreign ownership of business.

It was Duterte's first comments on his economic policy since gaining a commanding lead after Monday's balloting.

Share prices sank for a third straight week on Friday with some analysts attributing the weaknesses to a lack of clarity in his plans for the economy.

"I do not care about the stock market. Those are not really investments. Pera lang yan, naglalaro lang sila ng mga shares of stock diyan. What I want is hard investment," he told reporters late Monday.

"I have been learning about the economy. I can talk about economics now but not as what maybe the Makati Business Club wanted me to discuss. Hindi naman ako Wharton," he said.

READ: MBC president urges scrutiny of Duterte, warns of 'wrong choice'

Asked about the constitutional restriction on foreign ownership in enterprises, Duterte said: "I'm willing to change [60:40] equation."

But he said he was not for selling local businesses entirely to foreigners, citing as an example China's rise despite foreign ownership caps.