Political volatility, which previously has not been a problem during EPHE’s lifetime, could be an issue for the ETF this year.

“There’s still time for a presidency course correction. But Duterte must act fast, and convincingly. In September, just 83 days into his term, Standard & Poor’s threatened Manila’s credit rating, warning about policy unpredictability and a drug war that “could undermine respect for the rule of law and human rights,” according to Barron’s.

Duerte has overtly fired back at the ratings agencies, a strategy previously employed by other emerging markets leaders to no avail.

There is one benefit of the weaker peso: Foreign remittances are now worth more when converted into pesos, helping boost the local economy.

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