Philippine stock markets saw prices of PLDT and Globe sink during the early morning trading hours after President Rodrigo Duterte threatened to close the two telecommunications firms.
Globe experienced a drop of 2.99 percent while PLDT fell 3.6 percent during the early trading hours according to ABS-CBN News.
President Duterte stated that the patience of the Filipino people is ‘reaching its limits’ and set a deadline for the two companies by December to improve their services or else they might face government expropriation and closure.
“Kindly improve the services before December. Better have that line cleared. If you are not ready to improve, I might just as well close all of you and we revert back to the line telephone at kukunin ko yan, expropriate ko sa gobyerno,” said President Duterte during his fifth State of the Nation Address last July 27.
The President assured the public that he will spend his remaining 2 years in office to improve the telecommunications services in the country.
“You give us half-cooked transactions, lousy service tapos ang tao nagbabayad. Tell us now if you cannot improve on it…I have 2 years, the next two years will be spent improving the telecommunications in this country without you,” warned President Duterte.