MANILA, Philippines - All incumbent members of the Philippine Stock Exchange Inc.’s (PSE) board of directors were reelected for another one-year term.
The same board composed of 15 officers, now entering their fourth straight term, will lead the country’s stock exchange amid volatility in fund flows and the US Federal Reserve’s tapering of the stimulus program.
Specifically, the officials that were reelected to the board of directors were: PSE chairman Jose T. Pardo, PSE president and CEO Hans B. Sicat, Cornelio T. Peralta, Eddie T. Gobing, Francis C. Chua, Alejandro T. Yu, Amor C. Iliscupidez, Roberto G. Vergara, Vivian Yuchengco, Eusebio H. Tanco, David O. Chua, Emmanuel O. Bautista, Anabelle Lim-Chua, Dakila B. Fonacier and Edgardo G. Lacson.
“The fresh one-year mandate means we are off and running, and we are continuing that [three-year] program,†Sicat said.
“This is the second year of that program so it’s a continuation of focusing on new products and services, and ensuring we are technically up to speed,†Sicat added.
In 2013, PSE started implementing its three-year growth plan that involves the launch of more products and services, and the full implementation of several laws that stimulate investments.
PSE launched the Level-up strategy in 2008 that aimed to list more companies and securities, expand and educate the investor base, value and enforce corporate governance standards, enhance shareholder value, launch new products and services, upgrade market infrastructure and human resources, and partner with government and other stakeholders.
“Yes, there will be continued day-to-day volatility in the markets,†Sicat admitted.
“But the general piece of news is there is an overall consensus that the Philippines is fundamentally stronger than its history and some of its neighbors now,†Sicat added.
Since closing 2013 at 5,889.83, the benchmark PSE index rose nearly a 10th or 538.88 points to 6,428.71 as of end-March. The bellwether index finished at 6,811.33 on Friday.
Last year, the PSE was hit by volatility caused by the US Federal Reserve’s announcement of the tapering of its stimulus program that swamped capital markets with investor funds.