Tuesday, April 10, 2018

Ytd, PH stockmarket is the worst-performer in AsPac

The AsPac stockmarkets:

1. Today: everyone recovered, positive change except the PH's.
2. Full month: everyone has a bad month except India, but PH's decline is the biggest, -6.1%; 2nd biggest decline is CN Shanghai, -3.6%.
3. Year to date (ytd, from Jan 01 till today): PH has the biggest decline, -7.3%; 2nd biggest decline is JP Topix, -4.7%.

Yes, the PH investment environment is "improving", wow.

The Duterte government's assault on business and certain institutions is worsening.

1. Slapping high oil taxes on everyone under TRAIN then force all transpo companies -- jeepneys, UV express, taxi, buses, shipping lines, airlines -- to absorb all such hikes, they cannot raise their fares until now.

2. Closing an entire famous tourism island for 6 months with zero compensation for the affected businesses that were recognized, granted permits and paying taxes, fees, charges, etc by many govt agencies.

3. Threatening to close all mining companies within 6 months if they don't reforest mined-out (and actively-mined?) areas. Boracay contribution is only 0.1% of GDP, "very insignificant" according to NEDA bright boys. Mining contribution is 0.6% of GDP despite the closure and suspension of several companies by ex-Secretary "I believe I can fly."

4. Directly attacking the SC CJ and ordering her speedy impeachment. Executive and Legislative are one and the same in attacking the leadership of the Judiciary.

5. High inflation due to TRAIN 1, eroding the peso value of people's and private enterprises' income. And TRAIN 2 is coming soon. And 2nd round of oil tax hikes, coal tax hike, coming in January 2019.

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