Trading at a forward price-earnings ratio of 20 times, the Philippine Stock Exchange is one of the most expensive equity markets in the Asia-Pacific region.
Last year the PSE Index jumped 23%, placing it among the world’s 10 best-performing markets. Average daily trading volumes are running at P11 billion $248 million, twice as much as they were four years ago.
Last year’s performance extends a six-year rally in which the country’s benchmark stock index has risen more than 280% since the end of 2008 outpacing the MSCI Asia Pacific Index’s gain. So far this year the benchmark index is up another 8.8%.