SEC welcomes “healthy” PSE-Landbank rivalry for PDS control

Teresita Herbosa at the Pandesal Forum

The Securities and Exchange Commission (SEC) has welcomed “healthy” competition between the state-owned Land Bank and the Philippine Stock Exchange (PSE) for control of Philippine Dealing Systems Holdings Corp. (PDS Group).

“I was also surprised by the move of the Landbank but in the capital markets, especially when it comes to the functions like providing a platform for the exchange of stocks and fixed income securities, there are really a lot of public interest involved and the more parties there are interested to go into this business, the better for us. It’s always better for the competitive environment,” SEC chair Teresita Herbosa said during the Pandesal Forum on Friday.

“So when the Landbank posed a challenge to the PSE regarding the sale of PDS or exchange for fixed income, it will signify, I think, healthy competition among our businesses in the Philippines,” she added.

PDS is the holding firm for fixed-income trading platform Philippine Dealing and Exchange Corp., Philippine Depositary and Trust Corp. and Philippine Securities Settlement Corp.

“At this point, for me it’s more business issue, who can bid higher,” she said.