US-based investment firm Renaissance Investment Management was reportedly interested in betting Philippines stock soon. In a discussion with Renaissance research analyst Andrew Temming last week at the Annual Pacific Region Investment Conference held in the Southeast Asian country, Temming saw opportunities for his firm to invest in emerging markets.

Temming said, "I think we've seen an extension of a rally in the developed world where the emerging market hasn't participated in the last couple of years. From Renaissance's point of view, that's why we're targeting the emerging markets space to make the next leg up in equity markets in 2014 and 2015. We definitely like the economic outlook for the Philippines and the growing population. That's something that intrigues us but it's just that at this point, a stock hasn't come in yet."

According to a report by local news agency Interaksyon.com, The Philippine stock index had been recognized as one of the top performers in the whole world in the past two years.

Temming also noted that his firm assigned an overweight ranking of 32% of emerging markets. Temming said this was significant in comparison of MSCI All Country World Index ex-US overweight ranking of emerging markets at 24%. Interaksyon noted that Renaissance had benchmarked itself against this index.

The report disclosed the screening process of the US-based investment firm. Its 12-factor model, the report said, considers quality factors such as valuation, growth, among others. The decision model would be then subsequently be applied to about Renaissance's 2,500 stocks in its portfolio. Renaissance would reportedly shed some unwanted stocks down to about 700 after applying constraints.

Temming added, ""We're looking to add the Philippines, but we just haven't found the right stock yet. Unless it's in our screening process, we can't come out and buy it. It's got to screen positively. We look at these 700 stocks, score and rank them and choose from 140 or the top 20 percent. Unless it's in the top 20 percent, we can't buy it."