PSE lauds FVR role in unified exchange

MANILA, Philippines — The Philippine Stock Exchange Inc. (PSE) recognized the role of former president Fidel V. Ramos in the merger of the Manila Stock Exchange (MSE) and Makati Stock Exchange (MkSE) into the PSE.

“This is a proud tribute to his administration, now that we stand united as a stronger member of the capital market. He will always be considered a pillar and a vital part of PSE’s history. His demise is a great loss not only to our nation but to the Philippine business community as well,” said PSE chairman Jose Pardo.

On Dec. 23, 1992, a joint declaration on the unification of the stock exchanges was signed in the presence of President Ramos, Pardo said.

The MSE and MkSE were established on Aug. 8, 1927 and May 27, 1963, respectively, as two separate entities.

A document that chronicles the unification story of the PSE cited that reaching the goal of unification “was in large part accelerated by the professionalization of the brokers and bourses, the backing of SEC chairman Rosario Lopez and the brokering of President Fidel Ramos himself.”

In 1993, President Ramos also led the oath taking of the first set of PSE governors. He also granted PSE’s self-regulatory organization (SRO) status and handed the SRO certificate in a ceremonial turnover on June 29, 1998.

“The initiative and determination of President Ramos to have just one exchange for the country paved the way for the development of the Philippine stock market. We will forever be grateful for all he has done and the legacy he left to the capital market,” PSE president and CEO Ramon Monzon said.