Philippine shares have charged higher over the past year, and some analysts expect the country's consumers can keep the good times rolling.
"The Philippines stands out in the current environment of collapsing commodity prices, a strong U.S. dollar and increasing capital outflows," Jibo Ma, an analyst at Daiwa, said in a note this week. "Unlike other developing countries, consumer spending in the Philippines accounts for a full 84 percent of GDP (gross domestic product)," he said.
"The economy's growth momentum ought to be especially enduring when one factors in remittances from overseas and considers that a third of the population is aged below 15," he added. Daiwa has increased its recommended portfolio weighting for the market.
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But the market has already run higher, rising more than 30 percent since the end of 2013. It is up around 6.4 percent so far this year.
Foreign investors have poured around $704 million into mutual funds and exchange-traded funds (ETFs) since the beginning of the year, according to data from Jefferies. But that's left the market valuations looking a bit toppish, according to some analysts. The Philippine Stock Exchange Composite Index is trading at 22 times earnings, according to Reuters data.
"The fundamentals are solid. But they aren't supporting those valuations," said Stephen Sheung, head of investment strategy at SHK Private. He's cautious on the Southeast Asian markets, noting valuations in north Asia are more reasonable.