"This is another significant milestone for capital market development," BSP Deputy Governor Nestor Espenilla said, in a speech during the induction of first set of officers of CMIP.
CMIP is a non-stock, non-profit organization whose members are active practitioners in the Philippine capital market, professionals and leaders in the academic community.
The CMIP was formed primarily to expand the knowledge and skills pertaining to the Philippine capital market of Filipinos, including secondary, tertiary and graduate school students nationwide in order to inculcate in them a lasting investment consciousness and culture; to encourage Filipinos to save and invest in the local capital market and to eventually become entrepreneurs and job-givers; and to work jointly with concerned agencies, institutions and organizations in conducting researches, seminars, workshops, presentations, briefings, competitions and other educational activities that will promote the development of the country’s capital market and will facilitate the teaching and learning of investment principles, techniques and practices.
The first CMIP officers and trustees are: Dr. Eduardo G. Ong, chairman; Reynaldo R. Nograles, president; Dr. Conrado E. Inigo, vice president for internal affairs; Dean Danny A. Cabulay, vice president for external affairs; Rommerl Ronald-Macapagal, treasurer; Dr. Villamor DG Vital, secretary; and Gregorio S. Navarro, John Peter Abraham Ruero and James F. Lago, trustees.
Espenilla said the creation of CMIP is a welcome development in helping promote and complement the capital market development efforts of the monetary authorities.
"We rely on the support and expertise of CMIP in raising public awareness on the necessity of these measures to capital market reform. Your academic reach and solid partnership with financial practitioners put CMIP in a strategic position for capital market advocacy," he said.
According to Espenilla, the BSP’s overall financial reform agenda aims to promote a financial system that is built upon a robust banking system and a fully functioning capital market.