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John Wang
in
Stocks
May 5 19:00

President Duterte apologies to the local corporations

Stocks immediately went up.
30
2
The President of the Philippines Rodrigo Duterte offered apology for the “hurting words” he said about the leaders of the country’s two large enterprises. He expressed gratitude for their assistance in the fight against the pandemic and offered to settle an expensive court case.
The apologies were offered to the heads of Metro Pacific and Ayala Corp. The stock of the companies climbed up after the president’s statement. Ayala gained 8.5%, its subsidiary went up 13.2%. Metro Pacific gained 11.6%.
Both companies wield a vast influence overt the national economy. They share a duopoly in telecommunications and have a big stake in retail, education, energy and real estate. 
The Philippines was one of the first nations to introduce severe quarantine measures to fight the pandemic. There are 9,485 cases at the moment, 623 people died.
The help of the private companies helped to ease the fight. The companies provided gear and supplies for free.