PSE board okays relocation

MANILA, Philippines - The Philippine Stock Exchange (PSE) said yesterday its board approved the relocation of its headquarters to Bonifacio Global City.

In a disclosure, the PSE said it plans to transfer to a unified office building in BGC to be developed by property giant Ayala Land Inc. or its affiliates.

The PSE currently occupies about 5,000 square meters of office spaces and trading floors in Tower 1 in Makati City. It used to have two trading floors – one in Makati and another in Tektite in Ortigas Center.

However, the exchange did not provide a timetable for the transfer as well as other details.

It would be recalled in 2002, the Fort Bonifacio Development Corp. donated a parcel of land to become the site of the PSE headquarters and trading floor.

The PSE previously entered into a joint venture with ALI for the development of a 5,000 square meter area along 28th street and 5th avenue in Bonifacio Global City but construction was delayed due to market conditions and a few changes in the design and floor area.

PSE’s relocation to Fort Bonifacio is expected to offer more employment opportunities to the residents of Taguig and encourage other corporate players to eventually move their businesses in the city.

The PSE was formed after two stock exchanges that were operating that time decided to merge. The Manila Stock Exchange, which was organized on Aug. 8, 1927, and the Makati Stock Exchange, which was established on May 27, 1963, were unified on Dec. 23, 1992.