The board of the Philippine Stock Exchange (PSE) fully backs Atty. Val Suarez as the president of the local bourse. This comes after the Securities and Exchange Commission (SEC), the regulator of the PSE, cited the exchange for “non-compliance,” since Atty. Suarez’s wife, Milagros Cecilia Dolendo Suarez, is currently the president of JP Morgan Securities Philippines and the firm’s Nominee to the PSE.
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.
The informal offer of San Miguel Corp. President Ramon Ang to purchase the Philippine Gaming and Amusement Corp. (PAGCOR) for $10 billion will not likely push through anytime soon. PAGCOR said privatization of its commercial casino operations may take 3 to 4 years as this would require approval from Congress and some amendments to the firm's charter. Besides Ang, businessman Willie Ocier, chairman of Pacific Online Systems Corp., also expressed interest in bidding for PAGCOR.
MANILA, Philippines - Manuel V. Pangilinan, who will be the new president and chief executive officer of the Manila Electric Co. (Meralco) starting July 1, said on Tuesday that providing cheaper electricity to consumers is going to be a long-term goal of the country’s largest power retailer. This, however, is possible if Meralco will be involved in power generation.