Garcia seeks term as private sector governor in PSE board

Despite being unceremoniously relieved as Philippine Stock Exchange (PSE) president, veteran stockholder Ramon T. Garcia will be seeking re-election to the exchange’s 15-man board of governors as a non-broker director.

In a letter to PSE member-stockholders, Garcia said his re-election bid would be anchored on continuing and completing the plans and projects he helped initiate during his presidency.

"It remains my ardent wish to see such plans to fruition and to grow old gracefully with the PSE. Having been with the exchange through good times and bad, I trust that my sincerest intentions to work for the common good, coupled with my track record in both government and private service, provides the impetus of my wish to continue serving the PSE," he said.

Barely one-and-a-half years since assuming the PSE presidency in May 2000, Garcia was yanked out of the post last year after figuring in a controversy involving the Fort Bonifacio relocation deal.

Garcia was replaced by former Finance Secretary Ernest Leung who assumed office only this year but was given the assurance by the PSE of a full term when it holds its annual membership meeting on the first week of March.

As president, Garcia was also one of the majority non-broker directors in the PSE board. He has since given up this post with Leung’s entry although he remains president in a holdover capacity of the Securities Clearing Corp. of the Philippines (SCCP), a PSE subsidiary.

Aside from himself, Garcia also endorsed two other incumbent broker-directors for re-election.

"If you still believe that an ‘old boy’ like me, who holds a record 30 years’ worth of first-hand experience and a sincere commitment to continue serving the exchange, shall be good for the PSE, then your proxy in favor of director Robert Coyiuto Jr., director Eddie Gobing or yours truly will be highly appreciated," he said. – Conrado Diaz Jr.