MANILA — A Philippine property firm which is building a skyscraper with US presidential election winner Donald Trump bucked the global stock market sell-off on Wednesday (Nov 9), with its shares rising 20 per cent.

Century Properties, developer of the Trump-licensed Trump Tower in Manila, jumped from 60 centavos (S$0.017) to 72 centavos on the local stock market.

“It is all related to the connection to Trump,” said Mr Astro del Castillo, managing director with local investment firm First Grade Finance.

The main index on the Philippine Stock Exchange fell 2.5 per cent and other regional markets suffered deeper falls.

Mr Trump, a successful businessman is nevertheless seen as a loose cannon with policies which many fear could wreck the world’s biggest economy.

The 57-storey Trump-branded luxury condominium, popularly known as “Trump Tower Philippines”, is a joint venture between Century Properties and the Trump Organization, according to the company website.

“I’ve always loved the Philippines. I think it’s just a special place and Manila is one of Asia’s most spectacular cities. I know that this project will be second to none,” the website quotes Mr Trump as saying.

Mr Del Castillo said a further boost to Century Properties’ value was Philippine President Rodrigo Duterte’s appointment of the company’s chief executive officer Jose Antonio as his “special envoy” to the United States.

Local newspapers had heralded Mr Antonio’s ties to Mr Trump when his appointment was announced on Monday.

Mr Del Castillo said Mr Duterte appeared to have gotten lucky with the appointment.

“He (Antonio) just happened to be in the right place and the right time,” he said. AFP