44   PRICE-EARNINGS  RATIO              
    for periods indicated                    
                             
                             
  2014 2015 2016 2017 2018 2019 2020
                             
                             
Jan 18.08 21.84 18.85 18.44 21.86 19.12 14.74
Feb 19.19 22.04 18.82 18.48 21.14 18.86  
Mar 19.43 22.70 20.43 18.77 20.00 19.40  
Apr 20.28 22.09 20.19 19.62 19.21 18.89  
May 19.71 21.21 21.07 20.06 18.29 18.52  
Jun 21.39 20.69 21.72 19.83 17.57 18.52  
Jul 21.44 20.68 21.07 20.33 18.73 18.56  
Aug 19.52 19.50 21.76 20.46 18.68 17.10  
Sep 20.19 19.28 19.80 21.33 17.36 16.67  
Oct 19.89 19.94 19.21 21.83 17.06 17.03  
Nov 20.19 19.42 17.72 20.53 17.72 15.86  
Dec 20.58 19.55 17.37 21.23 17.89 16.06  
                             
                         
       p - Preliminary  
       r - revised  
       Source: Philippine Stock Exchange (PSE)