The Philippines’s near-record budget deficit may stall the longest stretch of quarterly gains in the stock market, according to the best-performing fund manager in the country.
The Philippine Stock Exchange Index will probably rise a maximum 7.7 percent to 3,600 unless President-elect Benigno Aquino draws up a “clear” plan to cut the deficit, according to Steve Sevidal, who helps manage $880 million at United Coconut Planters Bank. The government revenue shortfall widened to 162.1 billion pesos ($3.5 billion) in the five months ended May, breaching the target, data showed yesterday.
More from Bloomberg
