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PSE Elections 2007

Tapos na ba ito? Nasunod ba ang April 12 schedule of election of local stockbrokers?

Do you have your own picks? Or you want the exchange to be under the leadership of Francis Lim.

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  • bluetheherobluethehero unsung hero PExer
    Former SC Justice Jose Vitug re-elected as PSE chairman

    BY LIZA REYES

    Former Supreme Court Justice Jose Vitug on Saturday was elected chairman of the Philippine Stock Exchange for the third straight year, amid fresh clamor reforms to sustain investors’ interest in the market which is on a major upswing for the first time in a decade.

    Vitug, 72, got the unanimous vote of the 14 newly-elected directors of the PSE.

    "I'm happy with the re-election of most of the members of the board. This is an indication of some kind of confidence that the shareholders have on the board," Vitug said in an interview after the election.

    Current bourse president Francis Lim also won a fresh term for the third year.

    The 13 others who were elected into the 15-man PSE board were: Vivian Yuchengco, Robert Coyuito, William Ang, Eddie Gobing, Alejandro Yu, David Chua, Eusebio Tanco, Roberto Atendido, Amor Ilizcupidez, Omelita Tiangco, Anabelle Chua, Cornelio Peralta, Jose Luis Javier.

    There was a low voting turnout of 79 percent, according to bourse officials.

    Philippine shares had been trading at their highest level in more than 10 years until a global sell-off at the tail end of February brought fears into the hearts of punters. Investors are now doubtful on whether the PSE index can peak to record high this year despite an improving economy.

    Lim, in an interview with ABS-CBN, said among his objectives is to widen the investor base of the PSE.

    "It really dwarfs in comparison to the Chinese stock market which is just 13 years old, and yet it already has 83-million investors. The PSE is 80-years old but we only have less than 200,000," Lim said.

    UNIFIED TRADING FLOOR BY Q1 2010

    The bourse president said the PSE membership, in a meeting which preceded the election, also voted to approve the transfer of the trading floors to a modern headquarters in Fort Bonifacio, Taguig City by the first quarter of 2010.

    Lim said construction will begin in the third quarter of this year.

    The plan to move to a modern headquarters, which will feature a unified trading floor, has been delayed for almost a decade, due to politicking at the board level.

    The PSE currently operates two trading floors in the capital -- one in Makati City and another in Pasig.

    Lim said they are closely studying the option of swapping their property in favor of a better location on Fifth Street at the Fort. "Our target is to have a unified exchange by 2010. I hope that will happen given this new development." Lim said.

    REITs

    Apart from the investor education program, Lim said the PSE must also introduce new products like the Real Estate Investment Trusts (REIT).

    Real estate investment trusts (REITs), which usually receive tax breaks in return for paying most of their rental income to investors, have become popular in Asia because they are less volatile than stocks but tend to give more income than bonds.

    Melchor Guerrero, vice president for capital markets development at the Philippine Stock Exchange, earlier told Reuters that lawmakers are keen to present President Gloria Macapagal Arroyo with a REIT bill by the end of 2007.

    Ayala Land Inc., the Philippines’ biggest property developer, has earlier said it was looking at packaging its shopping centres and offices as a REIT.

    SM Prime Holdings Inc., which operates nearly 30 malls nationwide, has also hinted that it was interested at spinning off its retail centers into a REIT.

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