MANILA, Philippines - The Philippine Stock Exchange (PSE) re-elected all its directors and senior officers after all three non-incumbent candidates withdrew.
The newly re-elected directors retained former Finance Secretary Jose Pardo as chairman and Hans Sicat as president.
Fund managers Marvin Fausto of Banco de Oro and P.J. Garcia of BPI Asset Management's Odyssey funds, as well as investment banker Roberto Atendido of Asian Alliance officially withdrew on Thursday and Friday.
Their withdrawals left 15 candidates for the 15-man board.
Pardo said Fausto, Garcia and Atendido withdrew because they thought they couldn't win, and would just "throw their support" behind the incumbents. Pardo said he didn't encourage them to stay in the race, or explore whether one or some of the incumbents could withdraw instead.
"We had a working team already in place. It would move faster if we had same group behind the exchange," Pardo said at a press conference after the election on Saturday.
He said the candidates who withdrew and other members of their industries would be "most welcome" to join various committees and units of the exchange.
"The decision to withdraw was a personal decision (of Fausto and Garcia),'' Fund Managers Association of the Philippines President Mike Ferrer said."FMAP believes it can pursue its objectives of promoting capital market reforms and corporate governance through other means."
Hans B. Sicat
Amor Iliscupidez, San Miguel Corp. Retirement Plan
Roberto Vergara, Government Service Insurance System
Non-Broker - Issuer:
Anabelle L. Chua, Philippine Long Distance Telephone Co.
Non-Broker – Other Market Participants:
Edgardo Lacson, Philippine Chamber of Commerce and Industry
Jose T. Pardo
Cornelio T. Peralta
Emmanuel Bautista, Deutsche Regis Partners, Inc.
Eddie Gobing, Lucky Securities, Inc.
Francis Chua, BA Securities Inc.
Eusebio Tanco, Venture Securities Inc.
Ma. Vivian Yuchengco, The First Resources Management and Securities Corp.
Alejandro T. Yu, R.S. Lim & Co.
David Chua, Asia Pacific Capital Equities and Securities Corp.