Ex-finance chief Pardo joins PSE board

ABS-CBN News

Posted at Jan 26 2011 06:12 PM | Updated as of Jan 27 2011 03:41 PM

MANILA, Philippines - The local bourse has elected a new board member on Jan. 26.

In a disclosure, the Philippine Stock Exchange said "the PSE board has elected Mr. Jose T. Pardo as independent director of PSE effective today."

Pardo, it said, was also appointed as the chairman of the exchange's Corporate Governance Committee.

"We welcome his entry to the PSE. He is a highly respected person in both the private and public sectors whose extensive professional experience will help push the PSE's initiatives towards Corporate Governance forward," PSE Chairman Cornelio Peralta said in a statement.

This report comes 2 days after Pardo left the board of a listed firm, San Miguel Pure Foods where he was a director since 2002.

Pardo served under the Estrada administration as Trade Secretary (1998 to 2000) and Finance Secretary (2000 to 2001).

Before his stint in government, he was president of Philippine Seven Corp (the Philippine franchisee of the 7-11 convenience stores), Wenphil Corp (franchisee of Wendy's burger chain), and various companies controlled by businessman Tonyboy Cojuangco Jr., including ABC Corporation (Channel 5) and ABC Marketing Corp, and Philippine Multi media Systems Inc. (Dream Satellite TV).

Aside from San Miguel, he was an independent director of a handful of large local corporations. He is active in business groups and poverty alleviation social efforts.

Pardo's new post at the PSE comes after several high-ranking management officials left the bourse, reportedly due to low morale and corporate governance issues.

In a previous interview with ANC's Business Nightly, new PSE president Hans Sicat said the bourse has a lot of catching up to do.