AMERICAN financial services giant J.P. Morgan has clarified that it was misquoted after several media reports surfaced claiming that it dropped the Philippines to the bottom of an investment list comprised of its Southeast Asian peers following the landslide win by president-elect Ferdinand ‘Bongbong’ Marcos Jr. in the recently-concluded May 9 elections.
In a statement, Patricia Anne Javier-Gutierrez, Executive Director, Philippines Heads of Communications, J.P. Morgan, clarified that the media mistakenly reported that the drop was due to the result of elections.
“Our views on the Philippines are driven by long term global and local macroeconomic fundamentals, and not by election results or outcomes in general,” Gutierrez said in a statement.
She was reacting to reports especially those coming from the camp of losing presidential bet Leni Robredo that the Philippines’ drop in the list was caused by the victory of Marcos in the elections.
“As stated in our May 8 Philippine Strategy report, we think the Philippines faces a challenging macroeconomic outlook post 2022 regardless of the outcome of the May 2022 presidential elections,” it added.
J.P Morgan maintained that its published views were established before the election outcome was known and not based on the result of the national polls as they already sent statements to media to clarify the report.
“We further say in our report that re- opening benefits are expected to underpin strong 2022 GDP and earnings growth but this benefit will likely wane in 2023, underscoring the macro challenges faced in the future,” the statement added.