Jul. 26--Despite the bleak scene in the local markets as the country reels from rising inflation, one of the world's largest investment banks sees good values in Philippine equities, especially on the real-estate front. Stephen Corry, Merrill Lynch (Asia Pacific) Ltd. head of Investment Strategy, told The Manila Times that the property sector has interested him since values now "are beginning to emerge" as similar to those of Hong Kong. Merrill Lynch's local head of research, Jojo Gonzales, averred, saying the industry "remains very buoyant" and values will go higher. Both observed that the industry may be taking a hit from the rising cost of borrowing and building homes, but it is being propped up by high liquidity and offshore remittances that help fuel the property market. "Higher interest rates will be a negative but the...
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