MANILA, Philippines—The Philippine Stock Exchange (PSE) sees 2014 as another strong year for the domestic capital market, which is expected to ride on the economic gains made so far.
The PSE’s stockholders on Saturday also reelected all the incumbent board and primary officials, who aim to continue their midterm strategic plan in preparation for the Asean integration by 2015, bourse president and chief executive, and reelected board director, Hans B. Sicat told reporters in a press conference.
Also granted a fresh one-year mandate was chair and independent director Jose T. Pardo, and the following directors: Alejandro T. Yu, Amor C. Iliscupidez, Anabelle L. Chua, David O. Chua, Eddie T. Gobing, Edgardo G. Lacson, Emmanuel O. Bautista, Eusebio H. Tanco, Francis Chua, Ma. Vivian Yuchengco and Robert G. Vergara. Likewise reelected as independent directors were Cornelio T. Peralta and Dakila B. Fonacier.
Sicat said that this year the PSE leadership would continue to focus on introducing new products and services while ensuring that the board was up to speed in terms of technology.
“Our plan for the next three years is to be a world-class exchange. Our volumes and values are going up, and we’re trying to deepen the market as more issuers are coming in plus more investors, including retails,” he said.
There is currently “so much activity” in the stock market, Sicat said, noting that as of last week, the money raised rose 212 percent to P75.9 billion from P24.28 in the same period last year.
“2014 is still a robust year. If it’s not IPOs [initial public offerings], there’s a lot of follow ons,” he said.
“While there’s volatility in the market, the Philippines is fundamentally stronger historically, and fundamentally stronger than its neighbors,” Sicat said.
On the back of the robust economic growth and infrastructure spending, sectors such as banks, branded consumer and real estate, gaming and tourism, as well as infrastructure are poised to continue booming, he said.
To prepare for the integration of the Asean economies in 2015, the PSE is eyeing harmonization with the region’s bourses, Sicat said.
“The constraint for exchange is not the electronic link per se but the one-way trade,” he said, citing the restriction in selling securities that are not registered locally across members.
RELATED STORIES
PH stocks breach 6,700 mark for first time
PSE chairman: Good governance luring investors
PSE to open marketing office in Cebu