Philippine equities a buy despite correction risk

Despite signs of foreign investors pulling out of Philippine equities and the blue-chip index trading at a premium to almost the rest of Asia, positive conviction on the market appears hard to sway. For the first eight months of this year, foreign investor inflow into the nation’s equities market stands at $2.1 billion. According to Credit Suisse, on a rolling 12-month basis to August 12, net foreign buying as a percentage of market capitalisation reached 1.5%. This makes the co…