PSE chief takes rally outside the exchange

Notes on the beat

MANILA, Philippines — Ramon Monzon, the president and chief executive officer of the Philippine Stock Exchange Inc. (PSE) since 2017, brought the rally outside the local bourse when he joined the “Trillion Peso March,” igniting hopes that more business leaders will take a public stand against corruption.

Monzon, who enjoys walking every day as well as visiting local wet markets and doing groceries on weekends, embarked on a different path last Sunday.

He joined other PSE and Philippine Dealing System Holdings Corp. officers and staff toward the EDSA Shrine.

There, he led the stock market contingent during the protest actions where thousands gathered to demand accountability and punishment for those engaged in anomalous deals in the government and in the private sector, especially those who have pocketed trillions in public funds meant for flood control and infrastructure projects.

The PSE chief himself is no stranger to trillion-peso valuations, with the local bourse’s market capitalization registering trillions of pesos annually.

“I warmly welcome the participation of PSE president Mon Monzon, along with the thousands of Filipinos across the nation who joined the Trillion Peso March to stand against corruption,” EJ Qua Hiansen, president of the Financial Executives Institute of the Philippines and chief financial officer of publicly-listed Phinma Corp., told The STAR.

Qua Hiansen, who was also among the participants in the Trillion Peso March, said he witnessed firsthand the clamor of the citizens in demanding integrity in governance and accountability in public service.

“Corruption erodes trust, weakens institutions and undermines competitiveness,” Qua Hiansen said. “As business leaders, we have the responsibility to join our fellow citizens in rejecting corruption and pushing for transparency, accountability and reforms that to build a stronger Philippines.”

Monzon’s participation was also seen as a welcome development by some of the country’s top bankers and analysts.

“They took a principled stand and it was the right thing to do. I think that is very reassuring for investors,” China Bank Capital Corp. managing director Juan Paolo Colet said.

Colet is hoping that the move encourages more business leaders and professionals to publicly signal that they are one with the people against corruption.

But beyond mere words, Colet stressed that it is more important to act.

“They should not tolerate corruption in their business dealings and should not support corrupt officials and politicians,” Colet said.