Some staunch critics has pinning down President Rodrigo Duterte on the fall of stock market.
Even tour guide Carlos Celdran has blast Duterte about it which drew flak from netizens.
READ MORE: Financial Analyst Blasts Carlos Celdran For Blaming Duterte On Fall Of PH Stock Market, Uh-oh!
However, one of the directors of the Philippines Stock Exchange (PSE) clarified that the crude language and cursing of the President are not the reasons for the foreign selloff in the Philippine stock market.
According to Vivian Yuchengo, president of the Philippine Association of Stock Brokers and Dealers Inc, foreign selling is caused by the strengthening dollar and some investors betting that the US Federal Reserve will increase interest rates,
It was already 10 days before that when money started leaving because the dollar was very strong, and so the funds were moving to the [United] States because they were anticipating a rate hike.She added that foreign selling started even before President Duterte cursed United States President Barack Obama in his speech before he left for the ASEAN summit in Laos.
This has prompted the US officials to cancel the supposed meeting between the two presidents.
Meanwhile, Yuchengco also said that other ASEAN countries are also experiencing out flue because of the same factors.
Even Finance Secretary Sonny Dominguez said he doesn’t see investors heading for the exit.
We must not get distracted by the political noise. There's a lot of good things ahead for our country and our economy on the Duterte watch.
READ ALSO: 52 Developments Under Duterte That You Should Know & Tell To Those Who Hate Him, Amazing!
Source: ABS-CBN News