I still feel so poor. Investors have lately been among the doubters. Concern over some poor corporate earnings, property overdevelopment and bank stability has been reflected in the stock market's recent schizophrenic behavior. The index slumped to 15-month lows in late April, only to come roaring back on positive inflation data on May 5.
Some numbers do look good.
It was rescued by Singapore's Keppel Group last week. First-quarter figures at blue chips Manila Electric Corp. and San Miguel Corp. have also been disappointing. The current-account deficit may even be larger than reported. Before he left for a 10-day swing through the Americas last week, Ramos took pains to calm the stock market. We have done this.