Sicat: PSE has a lot of catching up to do

Posted at Jan 18 2011 04:45 PM | Updated as of Jan 19 2011 01:49 AM

Hans Sicat, the new president of the Philippine Stock Exchange, told ANC's Business Nightly on Jan. 17. that he aims to accomplish the following during his term:

  1. Have the appropriate management team in place after a number of executives left the exchange
  2. Continue the corporate governance initiatives, including the Corporate Governance rule book and the Maharlika Board, which will feature listed firms that adhere to higher disclosure standards
  3. Create new products, including a futures market and exchange traded funds, to attract more investors.

"We have a lot of catching up to do in terms of liquidity, trading volume, interest and number of products," Sicat admitted.

He also talked about how he aims to have a smoother relationship with Securities and EXchange Commission, which has affirmed its previous decision to slap the PSE with a P1-million daily fine for conflict-of-interest issue that violated the law. He said he will make sure to be more proactive in communicating to the regulator their plans and other issues.

He also talked about the impact of the recent decision of the Monetary Board to allow insurance and other financial firms to create their trust business units. He said this move will hopefully increase participation in the stock market.

Business Nightly airs at 9 p.m. on ABS-CBN News Channel weeknights.