As markets closed today, stock watchers witnessed the PSEi value dip by 0.58%. With most sectors taking hits, the Property Index is down today by 2.34%.
Most companies listed under the Philippine Property stocks experienced small hits, in comparison to Media stocks that got a real beating. Companies like Philippine Realty and Holdings Corp is down 8.57% while Ayala Land Inc is down 3.08%.
But not all are losers in the property sector. Araneta Properties Inc flies a positive closing at 30.77% today. The company is headed by Gregorio Maria Araneta III who is also Irene Marcos’ husband.
As Ferdinand “Bongbong” Marcos Jr is positioned to win a landslide victory for the presidential elections, investor confidence seems to have been shaken today possibly due to Marcos still lacking clear economic plans. Investors and analysts believe that Marcos must create an economic team as soon as possible to cater to both local and foreign investor confidence. Clean and transparent governance and policies must be assured to eradicate fears.
Similar sentiments is shared by Philippine Stock Exchange President and CEO Ramon Monzon, stating on a Bloomberg interview that although some investors may view Marcos’ victory a positive, he sites the importance of his economic team to be creative and find new streams of revenue for the economy. He also believed that foreign investors are in a “wait-and-see” status before they make their next move.