MANILA, May 5 — Philippine President Rodrigo Duterte has apologised for his “hurting words” about two tycoons whom he openly dislikes, responding to their help in fighting the coronavirus by offering an olive branch to settle a costly regulatory row. Shares in conglomerates Ayala Corp and...
Tuesday, 05 May 2020 12:33 PM MYT
Shares in conglomerates Ayala Corp and Metro Pacific Investments Corp, owners of the country's two largest water distributors, climbed today following the president's late night apology. During his four years in office, Duterte has repeatedly lashed out at Pangilinan and the Ayala family for numerous reasons. The billionaires typically do not comment on his remarks.
The capital, Manila, and several other urban centres have been under a strict lockdown for nearly seven weeks. Duterte had criticised contracts of Manila Water and Metro Pacific's Maynilad Water “onerous and disadvantageous” to the public and threatened to strip them of their concessions.
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