The iShares MSCI Philippines ETF which covers 32 stocks from the Philippines has experienced a volatile 2024 and is underperforming EMs quite significantly. EPHE's Q3 GDP was hampered by Tycoon Kristine, but the growth prospects for next year look more alluring. Manufacturing PMIs reflect healthy conditions in the industrial sector (the largest sector exposure), while the investment climate is also getting an uplift from favorable reforms.
Philippine large caps have been in decline for over a decade now. Fundamentals offer little evidence of a change in fortunes. Pending a meaningful shift in the investment case, I'd remain sidelined.