The Philippine stock benchmark has outperformed its developing Southeast Asian peers since President Ferdinand Marcos Jr. took office in June 2022, with gains of 5.6% as of last close, in contrast to losses elsewhere. The gauge extended advances of as much as 0.7% Thursday. Stocks also performed better than the 0.6% gain seen in the first year of predecessor Rodrigo Duterte, as Marcos’ selection of a well respected economics team helped steer a faster-than-expected economic growth.

A focus on bringing down inflation and interest rates as well as ramping up investments in infrastructure will help sustain equity gains for the duration of Marcos’ six-year term, said Fritz Ocampo, chief investment officer at BDO Unibank Inc.

The gains are still far behind the first-year performances under Joseph Estrada, Gloria Macapagal Arroyo and Benigno Aquino III, when the tail-end of the Asian Financial Crisis and periods of elevated growth allowed outsized returns.