MANILA-- Tuesday's stock market rally which saw shares rising to a five-month high affirmed investors' confidence in the soundness of the macroeconomic goals of the administration of President Rodrigo Duterte, a MalacaAang official said Wednesday.
"The market affirms the Duterte administration's short, medium and long-term goals by voting with its feet," Presidential Spokesperson Ernesto Abella said in a statement.
The Palace official noted that "optimism in the Philippine economy is on a five-month high," capped by a stock market rally that reflected a total volume turnover of PHP 12 billion on Tuesday.
The Philippine Stock Exchange index (PSEi) rose 1.42 percent or 104.84 points to close at 7,446.49.
It was the PSEi's best day since October 26 last year when it finished at 7,494.41.
All shares also grew by 1.07 percent, or 47.14 points, to 4,460.56.
But while Philippine stocks have rallied in the past two days, stocks have fallen elsewhere in Asia -- largely due to anxiety over a possible tense meeting between US President Donald J. Trump and his Chinese counterpart Xi Jinping later this week.
In the meantime, Abella said that the administration is "equally optimistic as the National Economic and Development Authority (NEDA) projects a 7-percent GDP growth in the first quarter of this year."
The gross domestic product (GDP) is a broad measurement of a nation's overall economic activity.
It is equal to the total expenditures for all final goods and services produced within the country in a stipulated period of time.
"This speaks volumes of the soundness of Philippine macroeconomic fundamentals, which the government hope will translate to improved standards of living especially for those in the margins of society," Abella said.
"Our goal is sustained economic growth that attracts more investments, creates more jobs for our growing labor force, and leads to tangible benefits in the day-to-day lives of Filipinos," he added.
Source: Philippines News Agency