"Investors took the announcement of a better revenue collection as an incentive to position in the market," said Astro del Castillo, director of the Association of Securities Analysts in the Philippines.
On Thursday, the government reported the fiscal gap for the first six months at 79.6 billion Philippine pesos (US$148.3 million at PhP53.667=$1), far from the PhP102 billion ceiling.For June alone, the deficit stood at PhP4.2 billion, also lower than the PhP15 million target.
OFW REMITTANCES Mr. del Castillo
added that the rising remittances from overseas Filipino workers (OFW) also lifted the trading mood at the local bourse.
"Reports on the increase of OFW remittances also perked up the market.This is hard money entering our economy which will benefit us in the long run," he