The construction of a unified stock exchange in the posh Bonifacio Global City in Taguig may take longer than originally intended due to changes in the master plan of the project.
"We are still awaiting the design. That's the real issue we need to address," Philippine stock Exchange (PSE) president Francis Lim said, denying earlier reports that higher building costs were the reason for the delay.
The PSE was supposed to relocate its offices and trading floors in Fort Bonifacio in two years. Lim said they were also eyeing a site in the area that is accredited by the Philippine Economic Zone Authority to be able to avail of fiscal incentives.
Now, the stock exchange is targeting to transfer operations by 2013, with the groundbreaking ceremony for its new site set for 2009.
Earlier, it got the go-ahead signal from its board for the signing of a memorandum of agreement with property giant Ayala Land Inc. and Fort Bonifacio Development Corp. for the construction of the new building.
The stock exchange is currently trading in two separate locations, in Ayala Tower in Makati and its head office in Tektite in Ortigas.