PSE elects new board; Te, Veloso in

Arnulfo Veloso

The Philippine Stock Exchange welcomed two new directors, Government Service Insurance System (GSIS) president and former top banker Arnulfo Veloso and Anthony Te of Armstrong Securities.

Their election during the bourse’s annual stockholders’ meeting on Saturday completes the 15-member PSE board, which was otherwise unchanged from the previous year. Jose Pardo remains chair and independent director while Ramon Monzon continues as president.

A banking veteran with 36 years of experience, Veloso was the former president of Philippine National Bank and the first Filipino CEO of HSBC before being tapped by President Marcos to lead the government pension fund.

He takes over the board seat of former GSIS president Rolando Macasaet.

Te, on the other hand, is one of five broker-directors elected to the PSE board.

He also sits as director of listed mining company Marcventures Holdings Inc. and Marcventures Mining and Development Corp.

The other elected PSE broker-directors were Diosdado Arroyo, Eddie Gobing, Wilson Sy and Ma. Vivian Yuchengco.

Also elected were Tomas Alcantara of the Alsons Group, Annabelle Lim-Chua of PLDT Inc., and Ferdinand Constantino of San Miguel Corp.

The remaining independent directors were former ING Bank N.V. country manager Consuelo Garcia, former chief justice Teresita Leonardo-De Castro, banker Vicente Panlilio and Gilberto Teodoro Jr., chair of Sagittarius Mines, Inc. and director of Philippine Geothermal Production Co. Inc.