Latest news
× Stock market: P127B lost after Duterte hits water firms

An estimated P127 billion worth of fortune has been wiped out of the stock market over the past eight trading days after Manila Water Co. and Maynilad Water Services Inc. incurred the wrath of President Duterte over what he called onerous provisions in their contracts, which jeopardized their operations beyond 2022.

Worst hit by the sell-off was businessman Manuel V. Pangilinan-led Metro Pacific…