Shares of Philippine firm building Trump Tower soar
MANILA: A Philippine property firm which is building a skyscraper with US presidential election winner Donald Trump bucked the global stock market sell-off yesterday, with its shares rising 20%.
Century Properties, developer of the Trump-licensed Trump Tower in Manila, jumped from 60 centavos to 72 centavos (1.22 to 1.47 US cents) on the local stock market.
“It is all related to the connection to Trump,” said Astro del Castillo, managing director with local investment firm First Grade Finance.
The main index on the Philippine Stock Exchange fell 2.5% and other regional markets suffered deeper falls.
Trump, a successful businessman is nevertheless seen as a loose cannon with policies which many fear could wreck the world’s biggest economy.
The 57-storey Trump-branded luxury condominium, popularly known as “Trump Tower Philippines”, is a joint venture between Century Properties and the Trump Organization, according to the company website.
As of May 2016, Century Properties said masonry activities for Trump Tower were in “full swing up to the topmost floor (57th level) while plumbing and electrical roughing-in have reached the 40th floor.”
“I’ve always loved the Philippines. I think it’s just a special place and Manila is one of Asia’s most spectacular cities. I know that this project will be second to none,” the website quotes Trump as saying.
Del Castillo said a further boost to Century Properties’ value was Philippine President Rodrigo Duterte’s appointment of the company’s CEO Jose Antonio as his “special envoy” to the United States.
“His mission is to enhance business ties and strengthen the economic affairs between the two countries,” Century Properties told the local bourse in a disclosure.
Local newspapers had heralded Antonio’s ties to Trump when his appointment was announced on Monday.
Del Castillo said Duterte appeared to have gotten lucky with the appointment.
“He (Antonio) just happened to be in the right place and the right time,” he said. – AFP, Agencies