Share prices of Ayala, Pangilinan companies surge following Duterte apology

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Share prices of the holding companies of the Zobel de Ayalas and Manuel Pangilinan surged at the open on Tuesday, following an apology from President Rodrigo Duterte.

In separate statements, the businessmen welcomed remarks of Duterte made late on Monday night, thanking the conglomerates for their assistance during the community quarantines imposed across high-risk areas in the country.

“I would like to thank the President for his remarks tonight, most especially for his sincerity and kindness,” said Manuel Pangilinan, who heads Metro Pacific Investments Corp. (MPIC).

MPIC’s businesses are organized into business segments such as water; toll roads; power generation and distribution; healthcare services; light rail and logistics.

“I wish to assure him that our Group is fully committed to being a partner of Govt in addressing the heartbreaking moments of Covid 19 on our people, in building a better tomorrow for them. We are, and have always been here, for the country,” he elaborated.

His remarks were mirrored by the Zobel de Ayalas, who lead Ayala Corp. (AC) which has businesses in real estate and hotels; financial services and insurance; telecommunications; water infrastructure; electronics solutions and manufacturing; power generation; transport infrastructure; automotive; among others.

“We are grateful for President Duterte’s statement at the briefing last night. We have always believed in building a strong partnership between the private and public sectors in addressing our country’s problems and in investing in the country to create jobs and improve the lives of Filipinos,” they said in an emailed statement.

The statement came from AC chairman and chief executive officer Jaime Augusto Zobel de Ayala, and president and chief operating officer Fernando Zobel de Ayala.

“We appreciate the recognition of the Ayala Group’s efforts in supporting the administration as it faces the challenges brought by the COVID-19 pandemic,” the brothers said.

They were responding to the apology made by Duterte on Monday night, following criticisms he made on what he called onerous deals with their water distribution companies.

Following Duterte’s remarks, share prices of both MPIC and AC surged at the open on Tuesday’s trading session.

Shares of AC opened Tuesday at P576.00 apiece, up by 2.86% from Monday’s finish of P560.00. Meanwhile, shares of MPIC opened at P2.67, up by 6.37% to P2.72 apiece.

Both companies were among the top gainers as of 10:00 a.m. on Tuesday, May 05, 2020. —KG, GMA News

This article Share prices of Ayala, Pangilinan companies surge following Duterte apology was originally published in GMA News Online.

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