Mining shares fall after Duterte SONA warning


Posted at Jul 25 2017 04:41 PM

MANILA - Mining shares fell 0.61 percent on Tuesday after President Duterte warned that he would tax mining companies "to death" unless they changed their practices that damage the environment. 

President Duterte, during his second State of the Nation Address, criticized mining companies which he said were destroying watersheds, forests and aquatic resources.

A day after the SONA, Nickel Asia fell 8.11 percent, Manila Mining was down 8.33 percent, Philex down 0.77 percent, and Global Ferronickel down 3.1 percent. 

Helen Go Oleta, Trust Officer at RCBC Trust, however, downplayed the effect of the SONA, saying the decline of mining shares was due to the "strategic positioning" of fund managers. 

Meanwhile, the Philippine Stock Exchange index rose slightly, gaining 9 points or 0.11 percent.