JPMorgan upgrades Philippine stocks to overweight as ‘winner’

JPMorgan Chase & Co. upgraded Philippine equities to overweight from neutral as a “relative winner” amid the global turmoil unleashed by US President Donald Trump’s tariffs.

“The Philippines is the most domestic-focused market in Asean given the structure of its economy,” strategists including Khoi Vu and Jeanette Yutan wrote in a note.

“This will help shelter corporate earnings in the event of a global slowdown.”

Shares listed on the exchange had a total market capitalisation of ₱16.74 trillion (2023 data) $302.16 billion.

JPMorgan trimmed its 2025 target for the Philippine Stock Exchange Index to 6,700 from 7,000. The new forecast implies around 8% upside from the current level.

PSEi down

The benchmark PSEi -- the scoreboard of market sentiment in the country, comprised of the 30 largest and most actively-trade stocks- - is down about 5.5% so far this year.

That’s better than key local gauges are faring in Thailand, Indonesia and Malaysia while lagging Singapore and Vietnam.