Philippine lockdown proves to be $3.4b boost for telco stocks PLDT, Globe

Source: PLDT

While the coronavirus grinds the $331 billion Philippine economy to almost a halt, a boom in mobile digital payments is reviving investor interest in the nation’s two telecom carriers.

Forced to stay at home since President Rodrigo Duterte ordered a lockdown in mid-March, millions of Filipinos are now using their smartphones to pay for items from bread to vegetables and meat, increasingly shunning cash transactions. Some employers are even paying salaries using phone apps.

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