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Filipino Forum
Seattle, King County, Washington
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Philippine SEC warns against oil stock speculation frenzy amid potential commercial oil discovery in Toledo, Cebu, following a major stock market boom in Manila.
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Stock Speculation
MANILA - The Philippine Securities and Exchange Commission warned the public last week not to be carried away with the "over-enthusiasm of the moment" in the scramble for shares of stock in oil exploration companies.
The warning came after indications that a Republic Resources and Development Co. well in Toledo, Cebu, probably contains oil in commercial quantities. On Monday of last week, the Manila Stock Market experienced its biggest oil-share boom with five and a half million pesos worth of the stocks changing hands.
The SEC conceded that if the Toledo strike is confirmed by findings in adjacent areas, the fact would be of great importance to the Philippine economy. But the Commission added that it behooves "each and every investor, actual and potential, to gather all the facts about the securities in which they are interested, including the steps that have already been taken, or are being taken, by the issuer companies to carry out their objectives."
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Foreign News Details
Primary Location
Manila
Event Date
Last Week
Outcome
manila stock market experienced biggest oil-share boom with five and a half million pesos worth of stocks changing hands; potential great importance to philippine economy if toledo strike confirmed
Event Details
Philippine Securities and Exchange Commission warned public not to be carried away with over-enthusiasm in scramble for shares of oil exploration companies after indications of oil in commercial quantities at Republic Resources and Development Co. well in Toledo, Cebu; SEC advised investors to gather all facts about securities and steps taken by issuer companies