A PHILIPPINE property firm, which is building a skyscraper with U.S. presidential election winner Donald Trump, bucked the global stock market selloff yesterday, with its shares rising 20 percent.

    Century Properties, developer of the Trump-licensed Trump Tower in Manila, jumped from 60 centavos (1.22 U.S. cents) to 72 centavos.

    “It is all related to the connection to Trump,” said Astro del Castillo, managing director at First Grade Finance.

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

    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. “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 Trump as saying.

    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 Antonio’s ties to Trump when his appointment was announced Monday.

    Del Castillo said 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. (SD-Agencies)