Philippines' biggest money manager sticks with pricey property stocks

Manila

PHILIPPINE real estate stocks will extend a market-beating rally, the country's biggest money manager is betting, unfazed by the most expensive valuation in four years.

The Philippine Stock Exchange Property Index has climbed 24 per cent this year as investors became more sanguine about President Rodrigo Duterte's pivot to China and his US counterpart's insular approach to trade, which could hurt outsourcing companies.

The measure now commands the high…