Arroyo said that since the American Depositary Receipts (ADRs) of PLDT are already listed on the New York Stock Exchange, its shares should automatically be listed on the DDT facility.
She however expects shares of PLDT to be listed on the DDT board by the second week of July as minor details have yet to be threshed out between the telecommunications firm and the exchange.
"The listing department will meet with PLDT’s corporate secretary on Friday, " Arroyo said.
In preparation for the trading of dollar-denominated instruments, the PSE will hold seminars in late June or the first week of July to inform the investing public of these new products being offered by the exchange.
The dollar trading board, which is seen to encourage more foreign investor participation, will allow the trading of stocks also listed in other foreign markets.
It is also seen to pave the way for cross-border listing or the trend of multiple listing of companies across different markets in the world.
Under the DDT facility, the PSE will allot an extended off-floor trading session in the afternoon for the trading of securities linked to the Philippine market.
Initially, the trading facility will accommodate trades for cross-listed shares such as Canadian insurance firms Manulife Financial Corp. and Sun Life of Canada.These stocks are listed on the New York Stock Exchange. Sun Life and Manulife are also traded in the Toronto and Hong Kong stock exchanges, aside from the Philippines and US.
Aside from enhancing the mix of the PSE’s trading portfolio, which at present is limited to local equities and government bonds, the DDT will expand and connect local players to the overseas markets.
The exchange will review the performance of the dollar board after six months from opening the facility to determine its impact on the capital market.
With the facility, the PSE aims to address the lack of interest of foreign investors in the Philippine market and help the country’s ailing investment value or potential and the exchange’s overturn downturn in trade volume.
The DDT facility is also seen to eliminate foreign exchange risk since there is no need to convert currency for both buy and sell transactions. In effect, proceeds of these transactions may be remitted out of the country liberally.