Philippine Market (PSE Index) -- Buy on Dip
Despite the recent political drama (ex-President arrested and brought to ICC), the index dropped once for that day but is currently trying to break resistance. I hope I get to have a window to buy more via Equity fund as levels roam near 6200 levels.
Political Risks in the Philippines
As the Philippine market was trying to rebound from recent lows, last March 11, former President Rodrigo Duterte was arrested and flown into the Hague, Netherlands. There will be a trial for him by the International Criminal Court (ICC). Coincidentally, there was a drop in the index by 2.42%; however, succeeding days shows that it's merely a healthy correction.
Duterte has been a divisive figure ever since he became Philippine President. He was first admired as a mayor from Southern Philippines (Davao, Mindanao island), known for being strong-willed thus establishing a safe and organized city. His tough-talking approach quite often leads him to controversial situations.
He led the country with a strongman approach. He waged war against drugs and is now being tried for Extrajudicial Killings (EJK). He is Machiavellian and didn't care for Human Rights, the deaths for him was more of just collateral damage. His beef with former Human Rights Commissioner and Senator Leila De Lima ended the latter in jail being accused as a drug peddler. She got acquitted after 7 years in jail.
He was not good with criticisms and treated his Opposition as enemies with a personal vendetta. Shutdown media (ABS-CBN/Rappler) and a big proliferator of fake news through the use of social media bloggers and State-controlled media.
He still has a huge following given that he is a populist. The nation is divided once again. Ironically, the current political instability is caused by the rift between the current President (Bongbong Marcos) and Vice President (Sara Duterte). They were allies in the 2022 National Elections and the theme of their campaign was Unity.
May God Bless the Philippines! We have another elections upcoming to replace 12 Senators, but the surveys are not looking good.