islands of hope
Duterte's Ace in the Hole for Asia's Worst Market
A cheaper peso makes the Philippines more attractive to tourists from key ally China.
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Everyone loves an underdog, unless it's Rodrigo Duterte and the Philippine peso.
The Philippines is Asia's worst stock and currency market this year. A 6 percent slump in the benchmark index combined with a 4.6 percent slide in the peso means U.S. dollar-based investors are looking at double-digit losses. Year-to-date, foreigners pulled more than $580 million from shares, after inflows of $1.1 billion in 2017.