JPMorgan Chase & Co. upgraded Philippine equities to overweight from neutral as a "relative winner" amid the global turmoil unleashed by US President Donald Trump's tariffs.
"The Philippines is the most domestic-focused market in Asean given the structure of its economy," strategists including Khoi Vu and Jeanette Yutan wrote in a note. "This will help shelter corporate earnings in the event of a global slowdown."
JPMorgan trimmed its 2025 target for the Philippine Stock Exchange Index to 6,700 from 7,000. The new forecast implies around 8% upside from the current level.
The benchmark PSEi is down about 5.5% so far this year. That's better than key local gauges are faring in Thailand, Indonesia and Malaysia while lagging Singapore and Vietnam.
