The Philippine Stock Exchange (PSE) Inc. has elected independent director Ramon Monzon, a known protege of Sycip Gorres Velayo (SGV) & Co. founder Washington Sycip, as its new president.
Ramon Monzon was elected during the PSE’s annual stockholders’ meeting on Saturday, May 7, and takes over the position of former investment banker Hans Sicat, who completed his six-year term of office to give way to his new task as chief integration officer who will consolidate the PSE itself and the Philippine Dealing and Exchange Corp. (PDEX).
The PSE chairman Jose Pardo states that Monzon is an auditor who “can sleep with numbers” and is “a protege of the venerable Washington Sycip.”
Pardo noted that when the PSE brought Monzon on board as an independent director, they already anticipated him to become the next president who would bring the PSE to its next level which is the consolidation of the PSE with other capital market infrastructure under the PDS Group.
Monzon, 67, is an accountant who worked as a partner at the country’s largest multidisciplinary professional services firm SGV & Co. and is chairman and president of Carousel Productions Inc., which owns and runs the Miss Earth beauty pageantry. Monzon has been an independent director of the bourse since May 2015 and also sits on the board of Philippine Dealing and head of the PSE audit committee.
During Sicat’s term, other other side of the figures, the PSE extended trading hours into the afternoon, established corporate governance improvements, new products, developed and enhanced technology platforms as well as provided supplemental services such as Market Data packages, amongst others.
In 2016, the PSE’s goal was to transform the Philippines Stocks Exchange into a world-class stock market with more investment products.
Monzon said that this drive would be continued alongside with the plan to consolidate the PSE with PDS Holdings Inc., which also owns PDEX.
According to the PSE’s Nomination and Elections Committee, the board must be composed of one president director; up to seven positions for broker directors and at least seven spots for non-broker directors.