Strategy Note /
Philippines

Philippines: Pacquiao enters the ring but vaccines and tourism is the real story

  • Pacquiao – former supporter of incumbent Duterte – will contest 2022 election, likely fragmenting the ruling party vote

  • All candidates have similar policies: reform where vested interest allows, balance US and China, confront insecurity

  • Equities attractively valued and FX risk low: reform on pause but tourism should return as Covid vaccination accelerates

Philippines: Pacquiao enters the ring but vaccines and tourism is the real story
Hasnain Malik
Hasnain Malik

Strategy & Head of Equity Research

Tellimer Research
20 September 2021
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