Former Philippine Ambassador to Greece and Cyprus, Roberto Tiglao, wrote a book for Filipinos to study and understand
(President Rodrigo Roa Duterte and Roberto Tiglao, Image Source)
The well-respected writer provided years of his extensive research discussing the history and occurrences that resulted in the now illegal foreign ownership of the Philippines’ largest public utility companies: 360 billion Php telecommunications company-PLDT (TEL); 321 billion Php electricity distributor-MERALCO (MER); 217 billion Php diversified company-Metro Pacific Investments (MPI), among other companies by an Indonesian billionaire and former Suharto crony Anthoni Salim.
Thinking of all the relevant risks that could ensue when the politically-willed and nothing but the truth, strong man Philippine President Rodrigo Roa Duterte finally takes action against this treachery aided by no other than Manuel V. Pangilinan (Philippines’ 50th richest), I thought hard and began selling my shares a few days later.
Treachery may be a softer word, but any action willfully performed to violate the Philippine Constitution to enrich one man and his few selected goons pockets is and should certainly be punishable by law.
Brought by this realization and countless risks, I no longer see myself supporting these kinds of companies, and have sold all my MER and TEL shares effective 10/18/2017. I am also considering selling my recently purchased Pepsi Philippines (PIP) shares because of its foreign ownership structure along with my investments in Globe (GLO).
The Duterte administration a.k.a. the Philippine government must begin investigating no other than the country’s Securities and Exchange Commission that is led by chairwoman Teresita J. Herbosa for possible collusion that allowed dummy corporation/s (especially PLDT) skirt the Constitution back in 2013 followed by the chief executives of these ill-serving corporations.
After sinking the government’s teeth and tearing the rich and corrupt apart, such that of Mighty King’s 45 billion Php settlement, Roberto Ongpin’s 2 billion Php exit from Philweb (WEB), Lucio Tan’s 10-day deadline response to a 6 billion Php settlement (PAL) among others, no one or group of big fishes are certainly above the law in the country.
To sum it up, NATIONALIZATION would be one of the critical words that could send share prices of these foreign-controlled utility companies spiraling down.
I personally do not see how the administration sees it fit to strike hard with the Philippine Stock Index at all-time highs, but one thing is for sure, the government already knows about these committed shenanigans.
One must remember that “Bulls Make Money, Bears Make Money, Pigs Get Slaughtered.”
*An earlier unedited post indicated I sold my shares effective 10/18/2019. 2019 was updated to 2017.