Yuchengco hails SEC decision

Philippine Stock Exchange (PSE) chairperson Vivian Yuchengco yesterday lauded the Securities and Exchange Commission’s (SEC) contention that the appointment of two brokers to serve in the board does not expressly violate the law.

Yuchengco said with the "clear decision" of the SEC, "it is now time to put an end to these petty quarrels and these obstructionisms which have hampered the development of the PSE for the last seven months."

"We greatly appreciate the SEC’s recognition of Messrs. Villaroman and Cruz’s unquestionable integrity as well as their expertise to the exchange," she said.

Yuchengco said:"I was always confident about the outcome of this issue because I am familiar with the law."

She added that with the SEC opinion upholding the appointment of the two officers, the PSE may now be able to more vigorously pursue its efforts to revitalize the exchange and make it an anchor for the Philippine economy.

Although the SEC opinion did not include Villaroman’s appointment as Nomelec chairman, Yuchengco said it would be a "status quo" since under the PSE by-laws, the corporate secretary automatically serves as Nomelec head.

This, unless the SEC formally orders the designation of its Market Regulations Department director Jose Aquino to the contested Nomelec post, something which both the Yuchengco and Coyiuto groups agree on. – Conrado Diaz Jr.