The Philippines is seeking closer economic ties with Russia, as emerging markets "re-synchronize" growth by engaging non-traditional allies, Jefferies Global chief equities strategist Sean Darby said Monday.
President Rodrigo Duterte heads to Russia on Monday for an official visit, as he seeks to distance the Philippines from its long-time ally, the US.
Darby downgraded the Philippines, along with Indonesia, to "modestly bearish" from "modestly bullish," as more funds flow into North Asia.
"The story in the Philippines has been one of a much more steadier growth and a much stable platform of earnings revisions," Darby said.
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