‘No investment drop with BBM win’

BAGUIO CITY – US-based financial services giant J.P. Morgan clarified Thursday it was misquoted by media reports that it dropped the Philippines to the bottom of an investment list comprised of its Southeast Asian peers following the landslide victory by president-elect Ferdinand ‘Bongbong’ Marcos Jr. in the May 9 polls.
Patricia Anne Javier-Gutierrez, Executive Director, Philippines Heads of Communications, J.P. Morgan, clarified in a statement that “the media mistakenly reported that the drop was due to the result of elections.” She explained, “our views on the Philippines are driven by long term global and local macroeconomic fundamentals, and not by election results or outcomes in general.”
Javier-Gutierrez continued, “As stated in our May 8 Philippine Strategy report, we think the Philippines faces a challenging macroeconomic outlook post-2022 regardless of the outcome of the May 2022 presidential elections.”
J.P Morgan maintained that its published views were established before the election outcome was known and not based on the result of the May 9 polls in the Philippines.
“We further say in our report that re- opening benefits are expected to underpin strong 2022 GDP and earnings growth but this benefit will likely wane in 2023, underscoring the macro challenges faced in the future,” the JP Morgan statement added.
Artemio A. Dumlao/ABN

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