Brace for the worst: Analysts see bad days ahead as PH stocks enter bear market

Investors should brace for headwinds as the Philippine stock market enters bear market territory and the Philippine peso continues to slide against the US dollar.

Jonathan Ravelas, long-time BDO chief market strategist now Managing Director at eManagement for Business and Marketing Services, captured investor sentiment in one tragic-looking meme.

Panic and fear hound international investors as the peso is just one centavo shy of trading at P59 against the US dollar, while the bellwether Philippine Stock Exchange Index tested sub-6,000 level on Wednesday, September 27.

For him, stocks officially entered the bear market.

BPI economist Emilio “Jun” Neri said he was right all along with his estimates.

“Let those who accused me of being a scare monger in 2020/21 for saying negative real rates can cause significant financial instability, kindly take a look at the latest bloomberg 1 day & YTD GMM screen screen again,” Neri said.