Forum Pacific , Pangilinan's Philex Mining , Philodrill Corporation , Oriental Petroleum and Minerals , Petroenergy Resources , ACE Exenor , and Abra Mining and Industrial also joined the rally on Friday.
Companies comprising the mining and oil sub-index grew by almost 11%, beating the Philippine Stock Exchange index, which dropped by almost 0.7%. Duterte's decision to lift the moratorium imposed by former president Benigno Aquino III means companies holding SCs 59 , 72, and 75 can now begin petroleum-related activities in the West Philippine Sea.
Aquino stopped exploration activities during his time after he took China to court for encroachments in the West Philippine Sea. The Department of Energy earlier said the area has billions of barrels of undiscovered oil for additional government revenues.
mega-pullback yan next week.