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Fence-Straddling on the Philippines
The Philippines has one of the strongest domestic economies in the region, with buoyant credit, construction and earnings expansion at home. But it also has one of the weakest external environments, with lagging exports, impaired tourism and chronic external deficits.
We've stayed away from Philippine assets in light of macro risks - but while they haven't done particularly well, they haven't underperformed either, and equities are now much cheaper than before. We're still on the fence going forward, but we do recognize the local growth story.
Fence-Straddling on the Philippines (PDF)
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