It’s more fun to keep money in the Philippines by Gus Cosio
The fly in the ointment today may be the start of the Corona impeachment. While this could go on with very little effect on the capital markets, political issues tend to blind side market participants from time to time. The worst case scenario is a constitutional crisis resulting from any decision by the supreme court on pending petitions seeking to question the impeachment process. Right now, it is all up to the senate; but if the supreme court asserts itself, we could be in for trouble. In the meantime, I think it is more productive to follow the flows from institutional funds stating their commitment to our market. At the end of the day, it is really money flow that counts; and if Mr. Mobius is to be listened to, the sentiment may be the stronger influence in our market.