Economic team monitoring developments in stock market

MANILA, Philippines (Xinhua) - Government economic managers are closely monitoring the developments in the local market amid its sudden weakness, a senior official said today.

In a news briefing, Deputy Presidential Spokesperson Abigail Valte refused to say if Malacanang, the presidential palace, was already concerned with what has been happening to the Philippine Stock Exchange index whose gains for the year were almost wiped out with the continued selling by investors.

"The analysts have explained why there is a downtrend because of what is happening in external market as well...but, as of now, the economic managers are looking at the market and monitoring developments," she said.

Presidential Communications Development and Strategic Planning Office Secretary Ramon Carandang, in a text message to reporters, said that the government sympathizes with some investors who have been losing money on the local bourse.

"But I believe once this indiscriminate global sell-off is done there will be a flight to quality emerging market assets and we will benefit from this," he said.