'Market recovery tied to flood control corruption probe'

The local stock market is not expected to recover from its ongoing slump unless positive results emerge from ongoing investigations into corruption in flood control projects, according to Philippine Stock Exchange Inc. (PSE) president and CEO Ramon Monzon.

- By RICHMOND MERCURIO

Monzon

Asked on what he thinks of the market right now, Monzon said that it is “very bad.”

“It reflects what is happening in our country,” the PSE chief said.

“The market's number one ally is confidence — both local and foreign investors. It appears that we do not have that right now until what is happening stabilizes,” he said.

Anomalies in the country’s flood control projects have opened the floodgates of heavy selling pressure in the PSE over the past two months.