Philippine Penny Stocks Spark Gold Rush

Broadband company NOW up 384% this year on new license wagers
Selection for third major telecom company is delayed to May

Traders work on the floor of the Philippine Stock Exchange in the Makati district of Manila, the Philippines, on Monday, May 2, 2016.
Photographer: Taylor Weidman/Bloomberg

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By Cecilia Yap and Ian C Sayson

February 27, 2018 at 9:00 PM UTC

Updated on

February 28, 2018 at 4:06 AM UTC

This article is for subscribers only.

There’s a gold rush in Philippine telecom minnows and everybody’s invited. For now.

President Rodrigo Duterte’s decision to award a new telecommunications license has sparked a frenzy as speculators bid up the prices of once-forgotten penny stocks which may benefit from the shakeup of the sector’s current duopoly of PLDT Inc. and Globe Telecom Inc.