Despite the Philippine Stock Exchange index registering an overall positive gain at 1.33 percent and recording its best finish in 13 months, mining stocks plummeted after news of Duterte’s offer to anti-mining advocate Regina “Gina” Lopez spread. By the end of Tuesday, mining and oil stocks fell by 4.03 percent. Those who got hit the worst were Philex Mining, Philex Petroleum Corp., Lepanto Consolidated Mining, Apex Mining and Manila Mining Corp.
Lopez’s acceptance of the offered cabinet position raised concerns among mining companies over the possibility of stricter regulations and restrictions. The pro-environment leanings of Lopez may reflect on more stringent mining policies that can affect revenues in the industry, said COL Financial fund expert and IFE Management Advisers Inc president Marvin Fausto.
Several environmental advocates and activists however, lauded the president-elect’s appointment of Lopez whom they believe is the right choice because of her proven track record.
Lopez is the current chair of ABS-CBN Lingkod Kapamilya Foundation. She also chairs the Pasig River Rehabilitation Commission (PRRC) that is working on the revival of the Pasig River.
