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Duterte rocks Philippine telcos with threat to seize assets

President takes fresh aim at big business in his annual national address

Philippine President Rodrigo Duterte delivers his State of the Nation Address at the House of Representative in Metro Manila on July 27. (Malacanang Presidential Photographers Division/Kyodo)

MANILA -- The Philippines' leading telecom companies have found themselves on the defensive once again after President Rodrigo Duterte threatened to close them and seize their assets if they do not improve their services.

Duterte zeroed in on the telecom duopoly of PLDT and Globe Telecom as he railed against the country's business elites -- which he often brands "oligarchs" -- during his annual congressional address on Monday.

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