Philippines’ Telecom Stocks Wobble After Duterte Warns of Closure
Pedestrians walk past a Globe Telecom Inc. Iconic store in Manila, the Philippines.
Photographer: Veejay Villafranca/BloombergThis article is for subscribers only.
Philippine telecommunications stocks, a bright spot in the nation’s equities amid the coronavirus pandemic, are facing headwinds after President Rodrigo Duterte warned of closure and expropriation.
PLDT Inc. sank as much as 3.6% before closing slightly higher Tuesday, while Globe Telecom Inc. dropped as much as 3.4% before paring its loss. The domestic telcos run the risk of getting shut and their frequencies seized by the state unless they improve their services and boost internet access, Duterte said Monday during his state of the nation speech.