44   PRICE- EARNING  RATIO            
    for periods indicated                  
                       
                       
  2015 2016 2017 2018 2019  
                       
                       
Jan 21.84 18.85 18.44 21.86 19.12  
Feb 22.04 18.82 18.48 21.14 18.86  
Mar 22.70 20.43 18.77 20.00 19.40  
Apr 22.09 20.19 19.62 19.21  
May 21.21 21.07 20.06 18.29  
Jun 20.69 21.72 19.83 17.57  
Jul 20.68 21.07 20.33 18.73  
Aug 19.50 21.76 20.46 18.68  
Sep 19.28 19.80 21.33 17.36  
Oct 19.94 19.21 21.83 17.06  
Nov 19.42 17.72 20.53 17.72  
Dec 19.55 17.37 21.23 17.89  
                       
                     
       p - Preliminary  
       Source: Philippine Stock Exchange (PSE)