Philippines - oversold?

Everyone know the rice price is causing major inflation in Philippines (largest rice importer in the world), but their stock index has tumbled nearly every day for months!! I think this is oversold and some selected big caps should rebound soon, namely PLDT, SM Investment, Megaworld...etc

In HK, imp vol in the index warrants went down, but I think the market is definately not in a "stable state", meaning that buying call or put will be a good idea now. Although market have risen a lot already and buying puts seems more logical, you never know what is the next policy in China.