Philippines catches a bid

Philippines is finally catching a bid with the market up 6% so far in October, one of the best performers in Asia. The country has been hit by Covid and even harder by very tight mobility restrictions, which remain in place. The good news is that daily Covid cases are falling and are now at a two month low. And while country-wide vaccinations rates are only 23%, Metro Manila has seen its vaccination rate rise to over 70%. This is important as the capital region accounts for nearly 40% of the country’s GDP. Metro Manila is downgrading its Covid alert to Level 3, further easing capacity restrictions. This all bodes well for a continued economic recovery.