Financial market will welcome Duterte's economic plans — JP Morgan

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A general view of the financial district of Makati City on May 8, 2013 in Manila, Philippines. The Philippines is in the throes of a property boom that is unprecedented in Southeast Asia. Hundreds of construction cranes are seen across Manila's skyline as property developments including office buildings, housing projects, hotels and new shopping districts are changing the face of the metropolis.

Metro Manila (CNN Philippines) — American investment bank JP Morgan on Friday (May 13) welcomed the "explicit commitment" of the incoming administration of presumptive president Rodrigo Duterte to sustain the current macro-economic policies.

On Thursday, Duterte’s campaign finance manager Carlos Dominguez, who is being eyed as the finance secretary in Duterte’s Cabinet, unveiled the 8-point economic agenda of the incoming administration.

LIST: Duterte's 8-point economic agenda

"We believe that financial markets will welcome the explicit commitment of the incoming administration in keeping the current macro-economic policies, particularly its focus on infrastructure," JP Morgan said in a comment on Duterte’s economic agenda.

JP Morgan said the absence of any drastic shifts is "encouraging" and it lauded the focus on grassroots development.

"It also helps that the new government is cognizant of the need to maintain fiscal discipline despite its goal of making income tax more progressive," it added. "We think this should assuage concerns about Duterte’s lack of clarity on his economic platform."

Also read: Duterte camp working on smooth transition from Aquino gov't

JP Morgan said "capable and experienced" Cabinet members would be crucial in the implementation of the 8-point economic agenda.

Duterte's spokesman, Peter Laviña said Friday members of the Cabinet of the presumptive president are still being chosen with the help of a selection advisory committee.

Also read: U.S. congratulates Duterte, wants to deepen ties

CNN Philippines' JC Ansis contributed to this report.