PSE re-elects incumbent board

MANILA, Philippines - All 15 incumbent members of the board of the Philippine Stock Exchange Inc. (PSE) were reelected yesterday for another one-year term.

The same set of officers, now on their third term, will continue to steer the country’s sole stock exchange amid robust investor confidence and record high valuations.

Specifically, the officials re-elected in the board of directors were: chairman Jose T. Pardo, president and CEO Hans B. Sicat, and directors Cornelio T. Peralta, Eddie T. Gobing, Francis C. Chua, Alejandro T. Yu, Amor C. Iliscupidez, Roberto G. Vergara, Vivian Yuchengco, Eusebio H. Tanco, David O. Chua, Emmanuel O. Bautista, Anabelle Lim-Chua, Dakila B. Fonacier and Edgardo G. Lacson.

“We are all quite excited for other opportunities that are in front of us for the rest of the year,” said Sicat.

He said the PSE will focus on launching more products while encouraging an increase in public ownership of listed firms.

The board’s new term comes amid the strong performance of the bellwether index. Since closing 2012 at 5,812.83, the PSE index has surged 25.23 percent to end at 7,279.87 on Friday, making the Philippine stock market one of the top five best performing bourses in the world.

In yesterday’s annual stockholders meeting, shareholders also approved the increase in authorized capital stock of the PSE to P120 million from P97 million.

“The increase in capital is quite important because it will support our medium-term plan,” Sicat said.

“At some point, we may have to use that equity to fund our activities,” he added.

The bourse operator said its earnings grew around 28 percent to P184.81 million in the first quarter compared with P144.63 million a year earlier.

Revenues hit P263.41 million, up 18.14 percent from P222.96 million last year due to an increase in service fees and listing- and trading-related income.

The local stock market is enjoying positive investor sentiment following the upgrade in the – Philippines’ investment score from Fitch Ratings and Standard & Poor’s.

The PSE expects seven to 10 initial public offerings and listing by way of introduction this year, up from five IPOs last year, as more companies tap the capital markets for expansion while foreign funds seek higher yields in emerging markets like the Philippines.