MANILA, Philippines - Barring any unforeseen circumstances, the board of the Philippine Stock Exchange is set to appoint corporate and securities lawyer Val Antonio B. Suarez as chief operating officer in line with the reorganization of its management team.
Suarez is a managing partner of Suarez & Reyes (SURE) Law Offices, a professional law partnership specializing in corporate and securities law, corporate finance, business and investment advisory and tax consultancy.
PSE sources said while the appointment of Suarez will be taken up in the board’s meeting on Wednesday (Jan. 13), that is almost a done deal. “His appointment needs board approval but I believe it’s done,” the source said.
Suarez fills the position vacated by Roy Rafols, who left the bourse in September last year due to the expiration of his two-year term.
Suarez is a graduate of the University of the Philippines and the Ateneo University Law School. He finished his Master of Laws at Georgetown University Law Center in 1989 and is a member of the Integrated Bar of the Philippines and the New York Bar.
Prior to setting up SURE, Suarez was head of HSBC Investment Bank Asia Ltd. – Philippine Representative Office and a senior associate at Sycip Salazar Hernandez & Gatmaitan Law Offices.
During his stint at Sycip, Salazar Law Offices, Suarez was involved in projects such as the acquisition of Philippine Airlines, the privatization of National Steel Corp., the initial public offerings of Kuok Philippine Properties, Ayala Land Inc., RFM Corp., Victorias Milling, Cebu Holdings, Filinvest Land, South China Petroleum, Selecta Dairy Products, Megaworld Properties, SM Prime Holdings, Swift Foods, Aboitiz Equity Ventures, Vitarich, Alaska Milk and Petron.
“I think Suarez is a good choice given his areas of expertise,” another source said.
Rafols was one of the high-level PSE personnel that left the stock exchange last year. Others were auditing industry stalwart Conchita Manabat, who chaired the Management Integrity Board; Pete Malabanan, who headed the Disclosure Department, and Joseph San Pedro, who headed the Market Regulation Division.
Sometime in January 2009, Malabanan and Rafols were reported to have offered to resign after they had a brush with some members of the PSE board.
Last week, the PSE announced the impending departure of Jonathan
Juan Moreno, who heads the bourse’s corporate governance office, and Marsha Matilde Pepino, head of its internal audit office.
Both will serve out the remainder of their contracts until Feb. 28, 2010, beyond which their employment contracts will no longer be renewed, the PSE said in its disclosure.