About PSE
Vision
A premier exchange with world-class standards for trading securities and raising capital that serves
as a strong engine for a robust economy.
Mission
Offer products and services responsive to the needs of investors and other stakeholders.
Provide a facility for fair, accurate, complete and timely information about listed companies, while
extending market education and awareness programs to investors.
Be a preferred venue for raising capital.
Practice and promote good governance within the Exchange and among listed companies and
trading participants.
Operate efficiently to optimize shareholder value.
Adopt world-class systems and global best practices for an efficient, fair and orderly market.
Develop a highly motivated and professional workforce, committed to serve and excel.
Corporate Values
Professionalism in delivering quality service and in meeting the highest standards of excellence.
Integrity, transparency and accountability in implementing business programs and enforcing
decisions.
Teamwork in working towards a common and favorable goal for the market.
Mutual respect in relating with fellow employees.
Inner strength in prioritizing the common good of the market instead of individual interest.
Corporate responsibility in promoting market growth hand in hand with community welfare.
History
1927 The Manila Stock Exchange, Inc. (MSE) was established on August 8 by five businessmen,
namely, W. Eric Little, Gordon W. Mackay, John J. Russell, Frank W. Wakefield and W.P.G.
Elliot.
1936 Commonwealth Act No. 83 or the Securities Act of 1936 was enacted on October 26. It
created the Securities and Exchange Commission (SEC) in response to the need for an agency
that would safeguard public interest brought about by the local stock market boom in 1936.
The SEC started operations on November 11 under the executive supervision of the
Department of Justice.
1937 The MSE introduced the ticker transmitting service for better and faster communication
system for the expanding volume of transactions as well as for transmitting news reports on
business and industry from all parts of the world as brought in by news services in Manila.
1940 The MSE suspended operations during the Japanese Occupation. The SEC was also abolished
by the Philippine Executive Commission and later reactivated in 1945.
1946 The MSE resumed trading operations.
1958 The Industrial Share Average was initiated in order to provide the members with an index to
measure the movement of industrial issues. It was launched on January 2 and was drawn
from select active commercial and industrial shares. A Mining-Oil Index was also introduced
due to the flourishing oil industry.
1963 The Makati Stock Exchange, Inc. (MkSE) was organized by Hermenegildo B. Reyes, Bernard
Gaberman, Eduardo Ortigas, Aristeo Lat and Miguel Campos on May 27.
1965 The MkSE started operations on November 16.
1969 The MSE implemented separate indices for mining and oil.
1973 Presidential Decree (PD) No. 167 dated April 12, which requires automatic listing in all stock
exchanges of securities that have been approved for listing and trading, was passed. Another
PD No. 282, which authorized stock transactions by members of an operating stock exchange
through members of another stock exchange when necessary to execute customer's orders,
was also adopted.
1975 The SEC, through Order No. 153 dated February 4, implemented the uniformity of price
fluctuations, board lots and trading symbols for all existing stock exchanges.
1979 The Securities Investors Protection Fund, Inc. was formally established on October 2.
1982 The Revised Securities Act (RSA) or BP Blg. 178 was signed into law on February 23. It
provided, among others, for a more sophisticated disclosure mechanism of securities to be
offered to the investors and vested on the SEC absolute jurisdiction, supervision and control
over corporations, partnerships and associations.
1987 The MSE introduced the MSE Composite Index using the variable multiplier method (fixed
weights at base date), which was different from the variable divisor method the MkSE used.
On April 1, the MSE and MkSE agreed to use a common set of index stocks and resolved to
adopt the variable multiplier method.
1989 MSE installed a computerized real-time price reporting system that provided members with
essential market information.
1990 The computation of the indices was changed from price-weighted to full market
capitalization-weighted, a methodology that measures the relative changes in market
capitalization of common stocks.
The East Asian and Oceanian Stock Exchanges Federation, now known as the Asian and
Oceanian Stock Exchange Federation (AOSEF), was formally organized with the signing of its
charter on December 6-7 at the Manila Hotel.
1992 The Philippine-SEC Institute Foundation, Inc. (Phil-SEC) was incorporated on May 25.
The Philippine Stock Exchange, Inc. (PSE) was incorporated on July 14 by the following
incorporators: Robert Coyiuto, Jr., Victor Say Hipek, Eduardo C. Lim, Juan B. Francisco and
Cesar E.A. Virata.
On December 23, MSE and MkSE forged and issued a joint declaration on the unification of
the country's two bourses under the Philippine Stock Exchange, Inc. to consolidate logistics
and hasten development of the capital market.
1993 Trading at the MSE through its fully computerized match trading system, the Stratus Trading
System with Equicom started on January 4.
The first general membership meeting of PSE took place on March 20.
The MkSE launched its automated trading system referred to as MakTrade on June 15.
The SEC approved the PSE's By-Laws.
1994 The SEC granted the PSE its license to operate as a securities exchange on March 4. It
simultaneously canceled the licenses of the MSE and MkSE.
On March 25, the one price-one market exchange was achieved through the successful link-
up of the two existing trading floors.
The PSE Composite Index (PHISIX) underwent revision. It was calculated with its own set of
components, independent from the different sectors. The number of component-stocks was
increased to 30 and class "B" shares were included. Simultaneous with this revision on the
main index, the Property Index was introduced with a base value initially set at 100.
1995 The PSE was accepted as the 37th full-pledged member of the Federation Internationale des
Bourses de Valeurs or International Federation of Stock Exchanges (FIBV), now known as the
World Federation of Exchanges, on October 16.
The Philippine Stock Exchange Foundation, Inc. (PSEFI) was incorporated on November 10.
The Unified Trading System on was launched on November 13 using the single-order-book
system on a MakTrade software where all orders are posted and matched in one computer.
1996 The PSE introduced the Banking and Financial Services Index to reflect the financial
environment and the All Shares Index that includes all listed companies. The base value of the
new indices was initially set at 1,000 to better align them to the thousand level Composite
Index. The Property Index was also realigned to 1,000 level to better reflect its impact on the
overall market movement.
The PSE was granted by the SEC, on a temporary basis, the status of a Self-Regulatory
Organization (SRO).
The Communication Front-End System went online, providing a gateway that allowed PSE
member brokers to directly connect their own private trading systems to the MakTrade
System.
1997 The PSE went into scripless trading after the Philippine Central Depository finished conversion
of 293 active issues into its book-entry settlement system on December 15.
1998 On June 29, President Fidel V. Ramos handed over the SEC certificate that conferred the SRO
status to the PSE. In line with its SRO status, the PSE adopted the policies of the SEC by
incorporating in its rules 42 provisions of the RSA in its efforts to effectively discipline erring
member-brokers.
1999 On September 6, the PSE adopted and implemented the International Securities and
Identification Numbering system on the MakTrade System.
On November 15, the PSE was conferred membership in the Association of National
Numbering Agencies in New York, USA and became the National Numbering Agency for the
Philippines.
2000 On January 3, the Securities Clearing Corporation of the Philippines (SCCP) started
commercial operations.
The PSE's SRO status was temporarily suspended on March 7 due to alleged irregularities
arising from the trading of BW Resources Corporation (BW).
Republic Act No. 8799 or Securities Regulation Code (SRC) was signed into law on July 19 and
took effect on August 8. Section 33.2 (a) of the SRC prescribed the PSE's reorganization as a
stock corporation by August 2001 pursuant to a demutualization plan approved by the SEC.
On August 23, the SRC provision to increase the membership of non-brokers in the PSE's 15-
man board was effected with the election of five non-brokers in addition to the existing three
non-brokers in the board.
On September 8, the SEC lifted the suspension of the SRO status of the PSE, which was
subject to certain conditions and provisions of the new SRC.
2001 The implementing rules and regulations of the SRC took effect on January 2.
The SME Board was launched on July 20, simultaneous with the listing of the securities of the
first company on the said board.
On August 3, PSE demutualized, transforming from a non-stock, member-governed entity into
a stock, shareholder-based organization.
Pursuant to the SEC's approval of the PSE's proposal to allow brokers to transact for their own
account, the rules and procedures for implementing the customer first policy trading
environment was programmed into the trading system and activated on August 22.
The SEC adopted a resolution on September 12 to: (a) raise the threshold of the tender offer
to 35% (from 15% for a single acquisition and 30% for creeping acquisition), and (b) exempt
all brokers from the prohibition of the broker-director rule.
2003 On December 15, PSE shares were listed by way of introduction. It opened at P100.00 per
share and reached as high as P252.50 before settling at P200.00 at the end of the year.
2004 The Exchange re-imposed the collection of the transaction fee of 1/200 of 1% (0.5 basis
points) on the gross value for every buy and sell transaction executed.
On January 28, the PSE sold 16.5% or 6,077,505 shares of its authorized capital stock to
strategic investors by way of private placement.
The PSE invested in the Philippine Dealing System Holdings Corporation, the holding company
of the fixed income exchange (FIE) in exchange for its shares in Philippine Central Depository,
Inc. The FIE is designed to be an alternative market for raising funds in the financial markets
other than equities. It aims to provide a competitive substitute to bank loans as funds are
generated from alternative sources such as long term bonds issued by the Philippine
government.
The PSE amended the rule on minimum commission by placing a minimum rate for all trades
regardless of the amount of transaction to create a more level-playing field for all trading
participants, especially on large volume trades. The new minimum commission rates became
effective September 22.
The Governance Committee was replaced by the Market Integrity Board (MIB). The MIB was
created to oversee compliance with the rules governing market transactions of PSE trading
participants monitored by the Market Regulation Division through its surveillance system.
The SCCP became a wholly-owned subsidiary of PSE and a new Clearing and Settlement
System was acquired.
2005 The PSE implemented the Online Disclosure System or the ODiSy, providing 24/7 online
system access for the submission and announcement of all types of disclosures.
The PSE forged a memorandum of agreement with Globaltronics, Inc., an electronic billboard
operator, for the posting and display of PSE's advertisements in select and strategic locations
in Metro Manila through a video display system.
The PSE, FTSE International Limited (FTSE) and Association of Southeast Asian Nations
(ASEAN) exchanges, Jakarta Stock Exchange, Bursa Malaysia Berhad, Singapore Exchange
Securities Trading Limited, and The Stock Exchange of Thailand signed a memorandum of
agreement creating the FTSE/ASEAN Index. The PSE has 12 representative listed companies
from the total of 180 traded in the FTSE/ASEAN Index.
The PSE added a new criterion, tradability, for listed companies to be included in the
Composite Index. Under this new criterion, shares of companies must be traded in at least
95% of the total trading days of the relevant review period of one year.
2006 On January 2, the PSE revised the industry classification of listed companies by categorizing
companies according to its major source of revenue. The number of sectors increased to six
from five, with two new sectors introduced namely, the Holding Firms and Services Sector,
while the Mining Sector and the Oil Sector were combined to form just one sector.
The PSE shifted to use free float market capitalization in computing the index from the use of
full market capitalization of listed stocks. The shift aimed to provide investors with a more
reliable gauge of trading activity and market behavior.
The PSE also revised its criteria in selecting companies for inclusion in the index. The criteria
were the following: 1) Free float level of at least 10%; 2) Liquidity or average daily trading
value of at least P5 million; 3) Tradability of at least 95%; and 4) volume turnover ratio of at
least 10%. The PSE changed the name of its main indicator from PSE Composite Index to PSE
Index (PSEi).
The SCCP migrated from trade-for-trade processing to a multilateral netting system called
Central Clearing and Central Settlement System (CCCS).
The Commission on Higher Education Commission (CHED) en banc approved the policies,
standards and guidelines for business administration by virtue of CHED Memorandum Order
No. 39 (CMO 39), series of 2006, which mandated the inclusion in business administration
courses of a stand-alone subject in capital markets. CMO 39 was implemented in June 2007.
On September 21, the FTSE/ASEAN 40 exchange-traded fund (ETF) was officially launched
with its listing on the Singapore Exchange. The ETF was designed to track the 40 largest
companies across five stock markets within the ASEAN region.
The PSE launched the Certified PSE Securities Specialist Course, which is envisioned to
provide continuing education for market participants, while synthesizing and emulating the
Chartered Financial Analyst
2007 The Exchange acquired the Advanced Warning and Control System, a state-of-the-art
computerized surveillance system designed to further enhance the integrity of the stock
market.
On August 24, the Philippine Mineral Reporting Code (PMRC) was formally launched.
Considered an internationally accepted standard in the mining industry, the PMRC sets out
the minimum requirements, recommendations, and guidelines for public reporting of
exploration results, mineral resources and ore reserves.
2008 On August 6, the PSE entered into a memorandum of understanding with NYSE Euronext, and
signed the new trading system license, implementation and maintenance agreement with
NYSE Euronext Technology SAS (NYXT). NYXT is a wholly-owned subsidiary of NYSE Euronext,
the world's largest exchange operator.
The Personal Equity and Retirement Account (PERA) Law was signed by President Gloria
Macapagal-Arroyo on August 22. The PERA Law encourages savings through voluntary
retirement funds for workers and provides an important savings and investment vehicle to
attract much-needed local investments by resident and overseas Filipinos.
On September 24, the PSE approved the implementation of a circuit breaker rule, a 15-
minute trading halt in the event the PSEi declines by at least 10% based on the previous day's
closing index value, to allow investors time to digest the impact of an unusual market drop
and help restore normalcy in the stock market.
President Arroyo signed into law Republic Act No. 9510, otherwise known as the Credit
Information System Act (CISA), on October 31. CISA seeks to enhance the reliability of credit
information and facilitate credit investigation and rating.
2009 The PSE signed a memorandum of agreement with the Department of Education on January
15 for the integration of a capital markets segment in the high school curriculum, particularly
in the 4th year economics subject.
On June 30, President Arroyo signed into law Republic Act No. 9648, which exempts from
documentary stamp tax the sale, barter or exchange of shares of stock listed and traded
through the stock exchange, with retroactive effect to March 20, 2009.
The Real Estate Investment Trust (REIT) Act of 2009 lapsed into law on December 17. The REIT
Law encourages the establishment of REIT companies solely for the purpose of owning
income producing real estate and related assets. REIT companies are required to distribute at
least 90% of their taxable net income to its shareholders to avail of the preferential tax
treatment.
2010 The PSE revised its rules on listing by way of introduction on March 24. The amendments
include, among others, the following additional requirements: 1) fairness opinion and
valuation report issued by a third party financial institution on the pricing of the applicant
company's securities to be listed in accordance with the Guidelines for Fairness Opinions and
Valuation Reports; 2) enhanced lock-up provisions; and 3) lifting of the trading band on the
listing date of the securities.
The PSE's new trading system, now known as PSEtrade, was launched on July 26.
The Corporate Governance (CG) Guidebook was launched in November as another initiative
of the Exchange to promote good governance among listed companies. It is composed of 10
guidelines embodying principles of good business practice and based on internationally
recognized corporate governance codes and best practices.
The Amended Minimum Public Ownership (MPO) Rule took effect on November 30 and
became a continuing listing requirement for listed companies. The amended MPO rule states
that listed companies must maintain 10%, at the minimum, of their issued and outstanding
shares held by the public, excluding any treasury shares.
2011 The PSE revised its policy on managing the PSE index series effective September in order to
enhance the quality of PSE's indices, reflect corporate actions in a timely manner as well as
elevate standards to international best practices. Under the amended policy, companies
should meet three criteria to qualify for the PSEi: (1) the company's free float level should be
at least 12%; (2) the company must rank among the top 25% in terms of median daily value in
nine out of the 12-month period in review; and (3) rank among the highest based on full
market capitalization.
The PSE established its satellite office in Cebu on September 22 in a bid to attract prospective
investors and listed companies outside the NCR.
2012 The Exchange implemented whole day trading on the first trading day of the year. Trading
starts at 9:30AM with a recess at 12:00NN-1:30PM, and continues until the close at 3:30 PM.
This is part of the Exchange's efforts to increase liquidity in the market and also align our
trading session with that of the Asian markets, at the very least.
The CMIC received its provisional Self-Regulatory Organization status on February 2 and
subsequently began operations in March. On May 8, the CMIC launched its new surveillance
system called Total Market Surveillance (TMS), which was acquired from the Korea Stock
Exchange. The TMS features detection rules, statistic analysis models, and pattern
recognition logics needed to enhance monitoring of stock market transactions. TMS is also
designed to support a market of one million orders/trades per day.
2013 The PSE rolls out its new three-year strategic plan which focuses on introducing more
products and services to the market.
The PSE adopted a new listing board structure. From a three-board set up, the Exchange
retained the main board and created the new the Small, Medium and Emerging (SME) board.
The listing requirements were also managed to make listing easier.
In April, the PSE launched its online service bureau called PSETradex. Six months later, two
brokers launched their online trading facility using the PSETradex. The PSE partnered with
Takara Printing Co., Ltd. to create awareness and investor interest on the Philippine market in
Japan. One of their initiatives is to translate PSE's listing kit and new listing rules in Japanese.
The co-branded SGX-PSE MSCI Philippines Index Futures was listed at the Singapore Exchange
on November 25.
The first Exchange Traded Fund, First Metro Philippine Equity Exchange Traded Fund, Inc.
(FMETF), was listed at the PSE on December 2.
Also in December, the Exchange released the list of Shariah-compliant securities. This
initiative marks the PSE's foray into Islamic Finance. All listed companies will be screened for
Shariah-compliance every quarter.
By the end of the year, the PSE was named the Best Stock Exchange in Southeast Asia by
investment magazine publisher Alpha Southeast Asia.
To cap a fruitful year, the PSE celebrated its 10th anniversary as a listed company. To mark
this milestone, the Exchange unveiled its new LED electronic board at the Ayala Trading
Floor.
On the same day, the portal for the new disclosure system co-developed with the Korea
Exchange known as EDGE (Electronic Disclosure Generation Technology) went live.
Trading System
On July 26, 2010, PSE`s New Trading System (NTS) now known as PSEtrade was launched to replace the
Maktrade System. One of the activities done prior to its launch was ensuring that all PSEtrade users
including Trading Participants` (TP) traders, back-office staff, nominees, directors and executives were
ready. To ensure their readiness, PSE conducted a series of trainings on related systems namely: (1)
PAM (Poste D'Access Aux Marche); (2) Broker Utility; (3) Client Code Generation; (4) Trade
Amendments; (5) Trade Unbundling.
PAM is the trading terminal used by traders in sending orders to the Exchange. It is critical that all users
of PAM have passed all the certifications needed. By the end of 2010, PSE trained and certified a total of
700 PAM Users. A total of 480 Trading Accounts were issued to the certified PAM users to access the
Exchange trading system.
PAM terminals can be deployed on the Exchange trading floors or at the Trading Participants` offices or
branches. The PSE deployed over 200 remote PAM trading terminals all over the country. The PSE also
enhanced the remote PAM security access by implementing the 2-factor authentication system with a
Security Token which was required to authenticate offsite traders and protect them against hackers. As
of December 2010, a total of 140 Security Tokens were processed and released.
Aside from trading via PAM terminal, a trading participant can also send orders via the Customer
Common Gateway (CCG) of the Exchange. The CCG allows trading participants to connect their own
Front-End Order Management System (FEOMS) to the Exchange. TPs are given the option to either
develop their own trading terminal to send orders or purchase solution from any of the PSE-certified
FEOMS vendors. As of 2010, five (5) FEOMS vendors were certified with 17 TPs connected to the CCG.
During the launch of PSEtrade, the PSE Support Staff were strategically stationed to provide immediate
support to all PSEtrade-related systems and to conduct initial diagnosis of the problems encountered. In
order to further enhance customer service to the TPs, the PSE also provided a centralized email address
(helpdesk@pse.com.ph) and a hotline (819-4450). All pertinent PSE personnel, who were recipients of
the emails, catered to all trading-related emails and calls. As a result, all trading-related issues, inquiries
and concerns were addressed immediately.
A dedicated website was also developed where all PSEtrade-related memos, announcements,
presentations, technical requirements, documentations, training schedules and schedule of events were
uploaded is still being maintained and updated.
Along with the introduction of the PSEtrade is the implementation of a new set of Trading Rules.
Following are some of the major adjustments on the trading rules and regulation as a result of the new
functional features that goes with the new System:
New Trading Hours. The Exchange has introduced the pre-close phase which is the period wherein the
closing price for a Security is determined.
Dynamic Threshold. This price control mechanism replaced the system embedded three-tick rule which
the former trading system offers. The Dynamic Threshold is the permitted difference in price between
two Last Traded Price updates for a given Security.
Inter-broker Deal. Block sale between two Trading Participants is now permitted.
Order Types and Validities. These features of the new System are designed to serve as added strategic
tool for the Trading Participants. While all the validity types have already been introduced, only limit
order type is currently set off until the PSEtrade Project Committee transitions to the next phase of the
project implementation plan.
Board Lot Table. The Exchange has introduced a new Board Lot Table which goal is to promote liquidity.
The said new table has a far narrowed tick size compared to the previous, the purpose of which is to
provide more point of entries for average investors.
Since PSEtrade was launched during the middle of the year 2010, the PSE still supported all users of the
old Trading System, MakTrade. Trading system availability for the Y2010 is 99.67%, with Total Downtime
of 55.7 mins for Maktrade and 188.8 mins for PSEtrade.
Corporate Governance at PSE
Board of Directors
Jose T. Pardo
Director - Chairman
(Independent
Director)
Hans B. Sicat
Director- President-
CEO
Emmanuel O.
Bautista
Director
Anabelle L. Chua
Director
David O. Chua
Director
Francis Chua
Director
Dakila B. Fonacier
Director
(Independent
Director)
Eddie T. Gobing
Director
Amor C. Iliscupidez
Director
Edgardo G. Lacson
Director
Cornelio T. Peralta
Director
(Independent
Director)
Eusebio H. Tanco
Director
Robert G. Vergara
Director
Alejandro T. Yu
Director
Ma. Vivian
Yuchengco
Director
Aissa V.
Encarnacion
Corporate Secretary
Omelita J. Tiangco
Treasurer
Board of Committees
Nominations and Elections Committee
The Nominations and Elections Committee ("NOMELEC") is an independent committee whose creation
has been mandated by the PSE Manual on Corporate Governance and the Securities Regulation Code
("SRC"). In accordance with the SRC, NOMELEC has at least three (3) members, one of whom must be an
independent director. Over and above the minimum requirements of the SRC, the Board of Directors has
decided to appoint two (2) independent directors to the present NOMELEC. The NOMELEC is tasked
with formulating, screening, evaluating and studying qualifications of directors, as well as those
recommended to other positions requiring appointment by the Board of Directors. It is likewise tasked
with completing the list of directors for nominations in accordance with the SRC as well as finalizing such
rules and regulations it may formulate within its jurisdiction for approval by the Board.
Nominations and Elections Committee
1. Remy T. Tigulo (Chairman)
2. Daisy P. Arce
3. Cornelio T. Peralta (Independent Director)
4. Dakila B. Fonacier (Independent Director)
5. Aissa V. Encarnacion (Non-Voting Legal Member)
Corporate Governance Committee
The PSE Board is fully committed to aligning the Exchange's corporate governance (CG) practices to
internationally accepted standards. As such, it has designated the Corporate Governance Committee to
assist on issues directly connected with:
a. Its internal processes, work procedures, and performance;
b. The performance of the President and his Management team;
c. Compensation, benefits and incentives;
d. Succession planning; and
e. The overall corporate governance of the Exchange.
Recognizing that genuine CG improvement could only be done through the partnership between the
Board and Management, the Exchange created the Corporate Governance Office (CGO) to complement
and support the Committee. The CGO is primarily tasked to direct and manage the fundamental
functions of corporate governance, enterprise risk management, strategy management and responsible
business practice in the Exchange.
Corporate Governance Committee
1. Jose T. Pardo (Chairman, Independent Director)
2. Edgardo G. Lacson
3. Ma. Vivian Yuchengco
4. Amor C. Iliscupidez
5. Cornelio T. Peralta (Independent Director)
6. Eusebio H. Tanco
Audit Committee
The Audit Committee's roles and responsibilities are defined in the Audit Committee Charter approved
by the Board of Directors. The Audit Committee provides assistance to the Board of Directors in fulfilling
its oversight responsibility to the stockholders relating to:
a. The Exchange's financial statements and the financial reporting process;
b. The systems of internal controls and financial reporting controls;
c. Internal audit activity;
d. The annual independent audit of the Exchange's financial statements; and
e. Compliance with legal and regulatory matters.
Audit Committee
1. Cornelio T. Peralta (Chairman, Independent Director)
2. Anabelle Lim-Chua
3. Dakila B. Fonacier (Independent Director)
4. Amor C. Iliscupidez
5. Alejandro T. Yu
6. Eusebio H. Tanco
Management Officers
PSE Management Officers for 2013-2014
Office of the President
Mr. Hans B. Sicat
President and Chief Executive Officer
Office of the Chief Operating Officer
Mr. Roel A. Refran
Senior Vice President & Chief Operating Officer
Corporate Governance Office (CGO)
Mr. J. Argel G. Astudillo
Vice President & Head of Governance, Risk & Compliance
Market Operations Division (MOD)
Ms. Rachelle C. Blanch
Vice President & Division Head
Mr. Marvin M. Refuerzo
Head, Trading Operations Department
Ms. Cristina R. Alday
Assistant Department Head
Ms. Sheryl V. Perillo
Head, Trading Development Department
Mr. Roel M. Villanueva
Head, Market Control Department
Ms. Maricris C. Ayala
Assistant Department Head
Ms. Sheryl J. Lopez
Department Head, Broker Systems Support & Cert. Department
Internal Audit Group
Ms. Jinky A. Alora
Assistant Vice President & Head
Office of the General Counsel (OGC)
Atty. Buenaventura S. Sanguyo
Assistant Vice President & General Counsel
Atty. Geossiel A. Cotoco
Deputy General Counsel
Capital Markets Development Division (CMDD)
Mr. Jose Antonio S. Vilar
Head, Marketing Services & Market Education Department & Officer-In-Charge,
Market Education Dept.
Mr. Mark Frederick V. Visda
Officer-In-Charge, Business Development Department
Atty. Veronica V. Del Rosario
Officer-In-Charge, Market Data Business Department
Issuer Regulation Division (IRD)
Ms. Marsha Angelyn M. Resurreccion
Assistant Vice President and Division Head
Ms. Janet A. Encarnacion
Head, Disclosure Department
Mr. Norberto T. Moreno
Assistant Department Head, Disclosure Department
Mr. Jose Valeriano B. Zuo, III
Department Head, Listings Department
Corporate Planning & Investor Relations Division (CPIRD)
Mr. John Benette B. Mamagun
Assistant Vice President & Division Head
Mr. Mark Frederick V. Visda
Head, Corporate Planning & Research Department
Ms. Martha H. Vinzons
Head, Public & Investor Relations Department
Ms. Nia Kristi B. Zabella
Assistant Head, Public & Investor Relations Department
Technology Division (TD)
Mr. Tristan G. Gillego
Assistant Vice President & Division Head
Mr. Emil G. Cruz
Department Head, Applications Development and Quality Assurance Department
Mr. Adonis H. Gildore
Department Head, Systems and Database Department
Mr. Zaldy Ronie P. Rocero
Department Head, Network and Telecommunications Department
Human Resources and Administration Division (HRAD)
Ms. Riena Jo C. Corbe
Department Head, Employee Services Department
Ms. Jo Ann G. Bautista
Officer-In-Charge, Admin, HRAD
Mr. Herbert G. Vergara
Head, Administrative Services Department
Ms. Josielyn S. Arellano
Head, Materials Management & Procurement Services Department
Controllership & Treasury Division (CTD)
Ms. Marietta U. Tan
Vice President & Division Head, Controllership & Treasury Division & Officer-In-
Charge, HRAD
Ms. Eliza S. Rodriguez
Head, Accounting Department
Ms. Elisa L. Benavidez
Head, Budget and Treasury Department
Organizational Structure
