Ayala, MVP Stocks Surge After Duterte Makes Amends With Tycoons
Following President Rodrigo Duterte’s apology to tycoons Manny Pangilinan (MVP) and brothers Jaime Augusto Zobel de Ayala and Fernando Zobel de Ayala, the stock prices of Metro Pacific Investments Corporation (MPIC), Ayala Corporation (AC), and Manila Water Company, Inc. (MWC) jumped by more than 10 percent, becoming the most actively traded stocks and among the top gainers on the market on May 5.
MVP’s MPIC stocks gained by 13.55 percent, settling at P2.85 apiece when trading closed. Meanwhile, the Ayala family’s AC jumped by 14.73 percent, closing at P642.50, and MWC jumped by 12.05 percent, closing at P11.20 per piece. Ayala’s AC Energy also jumped by 5.91 percent in stocks, closing at P2.33.
On May 4, Duterte publicly apologized to the Ayala brothers and MVP for his “hurtful words” in the past. In late 2019, the Ayalas and MVP were targeted by Duterte’s tirades regarding Manila Water and Maynilad’s contract extension. However, the bad blood between Duterte and the tycoons was apparently settled after Duterte thanked them for the aid their respective corporations were providing in response to the COVID-19 pandemic.
The tycoons were quick to respond, with MVP thanking the president for his “sincerity and kindness,” while the Ayala brothers reiterated their belief in strong private-public partnerships.
With peace established between big businesses and Duterte, the Philippine Stock Exchange Index closed at 5,671.71 points, up 1.79 percent from yesterday.