MANILA, Philippines - Philippine Stock Exchange (PSE) president and chief executive officer Francis Lim officially stepped down from his post yesterday after spearheading five landmark legislative reforms that aim to enhance investor participation in the stock market.
Lim assumed office on Sept. 15, 2004 and served two terms as president and CEO, the longest term for an exchange president in the bourse’s history.
“I am forever grateful to the PSE and its board of directors for giving me the distinct honor and privilege of serving as president and CEO for an unprecedented term of more than five years. The past years, while not exactly a walk in the park, have been very fulfilling both professionally and personally. The experience has allowed me to stretch my limits as a person and as a manager to a point where I never thought it was possible to reach,” Lim said.
Lim led efforts in establishing a legal environment that is envisioned to encourage more capital market activities. During his tenure, five capital market laws were passed, namely: the Personal Equity and Retirement Account Act (PERA), Credit Information System Act (CISA), Documentary Stamp Tax (DST) exemption for the stock market, Real Estate Investment Trust Act (REITA) and the Financial Rehabilitation and Insolvency Act (FRIA).
“I would like to especially thank Congress and President Gloria Macapagal-Arroyo for the five capital market-related laws that were passed during my tenure as PSE president and CEO. The passage of five capital market-related laws in a span of less than three years is unprecedented in the history of the exchange. These fundamental market reforms, together with our inroads in capital market education, trading system upgrade, market integrity, and corporate governance reform, position our stock market for further growth and development,” Lim said.
Aside from helping enact capital market-related laws, Lim also convinced the government to introduce a three-unit Capital Markets subject for college students and to integrate stock market topics as part of the high school education.
“What we have done is to create a long-term vision for the exchange which will extend beyond the term of any CEO. We have set the stage for becoming a world-class stock exchange and all that needs to be done is to follow through on the infrastructure, the policies and the projects we have started towards this end,” Lim added.
He also urged the board of directors and his would-be successor to sustain corporate governance initiatives to help build and maintain investor confidence in the stock market.