This is a blog entry of ABS-CBN's Maiki Oreta who covers business issues in the Philippines. Her blog, titled Business Banter, is her platform to share viewpoints, insights and intelligent rumors culled in between her formal coverages, as well as from coffee shop talks, boardroom buzz, and other sources.

It took the Philippine Stock Exchange (PSE) over half a year to find a new president, or at least one to replace Atty. Francis Lim, and now the search for another one, may soon be underway.

It seems that the highly qualified and highly respected Val Antonio B. Suarez, who had barely warmed his seat as PSE President, may soon have to step down for “non-compliance” with the Securities and Exchange Commission (SEC).

The issue at hand involves the first lady of the PSE, and although that position theoretically belongs to PSE Director, Vivian Yuchengco, technically speaking, it belongs to MRS. Val Suarez.

Quite an accomplished lady in her own right, Mrs. Suarez or Milagros Cecillia Dollendo-Suarez, who has been working with JP Morgan Securities Philippines for some time, has recently been appointed as the president of the said brokerage firm.

Now, although that may be great news for Mrs. Suarez, it only puts her husband in more of a bind since he is neither directly nor indirectly supposed to be linked to a trading participant.

In any case, the lines have been drawn between the PSE and the SEC.

My sources tell me that the SEC will soon start fining the PSE for this issue of “non-compliance.”

I also hear that rather than let this happen, Mr. Suarez is inclined to step down.

According to Mr. Suarez, however, he has no intentions of doing so.

He wrote in a letter to ABS-CBN on Monday: "This is regarding the ANC broadcast last September 3, 2010 on 'Business Nightly' and the web blog on ABS-CBN online by Ms. Maiki Oreta alleging my resignation. Please be informed that the allegation has no factual basis and is absolutely false."