Top Philippine telco snaps stock rout as it vows to assist probe

MANILA (Bloomberg): Troubled Philippine telecoms giant PLDT Inc finally halted a days-long stock rout as it vowed to cooperate with an investigation into the more than US$800 million of unaccounted spending that it disclosed last week.

Shares of the country’s largest phone company by revenue climbed 5% on Wednesday (Dec 21) in Manila, helped also by comments from the head of the stock exchange that there was no fraudulent trading in PLDT shares before it revealed the unrecorded spending.