Coyiuto urges Leung to focus on transfer of PSE HQ

Philippine Stock Exchange (PSE) director Robert Coyiuto Jr. has hurled a challenge at PSE president Ernest Leung to "look out for the best interest of the PSE" by first working on the immediate transfer of the bourse’s headquarters to a donated lot at the Bonifacio Global City instead of digging into the sale of a big portion of PLDT to the Gokongwei group.

Coyiuto said despite Leung’s reported concern over the transfer of the PLDT shares, which should have been subjected to the full disclosure policy of the Exchange, "this is really a private or third party transaction that should be the least of your concern at this time."

"Your priorities seem to be misplaced," he told Leung in his letter. Coyiuto had simultaneously written Fort Bonifacio Development Corp. (FBDC) chairman and former PSE director Manuel Pangilinan to immediately implement the relocation agreement the two parties have entered into way back in 1999.

"More to the point is the impact that such acquisition would have on our relocation agreement," Coyiuto pointed out. "Your attention should be focused on this matter rather than the PLDT issue."

In February 1999, FBDC agreed to donate a prime lot within the Bonifacio Global City for the transfer of the PSE’s main headquarters. Last year, FBDC tried to revise certain terms of the agreement but the PSE would not budge and insisted on implementing the original deal. The issue became controversial as then PSE director Pangilinan resigned over his dismay at the way then PSE president Ramon Garcia treated the issue in media.

Pangilinan was persuaded to return by the non-broker dominated PSE board but cost Garcia the presidency. Coyiuto, who had backed Garcia at the time, had taken Leung and the PSE board to court over the Itogon-Suyoc Mining — PhilWeb deal.

"I suggest to you to exert all efforts towards the realization of this objective. If you can do this, in the time you have, it would surely be a feather on your cap and, whatever else, you may earn the reluctant gratitude of the members of the exchange," Coyiuto told Leung.