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PSE AR 01 Body Philippine Stock Exchange 2001 ANNUAL REPORT chairman’s report It was an extremely difficult period. The country was weighed down by a turbulent political crisis. The year 2001 opened with an ongoing impeachment trial of the Philippine president, accused of plunder and other offenses, which was started in the previous year. Unexpectedly, the trial was suddenly aborted followed by another peaceful people power at EDSA which forced Joseph Estrada to step down and was replaced by Gloria Macapagal Arroyo as President. Shortly thereafter, the nation saw a violent political upheaval in May. The supporters of the former President attacked the Malacañang Palace in an unsuccessful attempt to reinstate their leader. The domestic economy, already affected by the The steep decline in share prices in 2001 global economic slowdown, suffered the brunt of the resulted in a 27% drop in market capitalization to a political disturbances. The peso declined to P53 to $1 low of P1.9 trillion in October from a high of P2.6 – its lowest for the year. The economic problem was trillion in January. aggravated by the September 11 terrorist attacks in Despite last year’s gloomy condition in our stock the United States which heavily affected our export market, the PSE was able to launch the Small and industry and further depressed our currency. Medium Enterprise (SME) Board with the listing of the As a result of the weak economy and the political first SME company that conducted an IPO, the SQL* turmoil, our stock market, already saddled by the Wizard, Inc. Fortunately, two more companies were stringent provisions of the Securities Regulation Code, listed before the year ended, namely Primex recorded its worst performance in years. Trading Corporation and Federal Chemicals, Inc. volume drastically went down. Average daily peso Following the mandate of the Securities turnover hovered at about P500 million. The Phisix Regulation Code to demutualize, the PSE was went below the 1000 level to its ten-year low at converted from a non-profit member organization to a 979.34. On October 2, 2001, about a month after the for-profit stock corporation on August 8, 2001. September 11 attack, the Exchange recorded its The PSE was mandated to demutualize to restore lowest daily trading volume in years at only P130 investors’ confidence in the market weakened by the million for that day. BW fiasco. We realize that demutualization is not the 2-3>> ultimate cure to the confidence assets for members. Each of the prohibits the brokers from crisis but only the first in a series 184 PSE members now owns trading on shares of listed of reforms to rebuild the strength 50,000 PSE shares and trading companies to which they are of the market. rights. Any member can sell his related. On the broker-dealer Having accomplished the first shares and retain his trading rights segregation, the SEC approved step of the demutualization, the or vice versa. Members are now the Customer-First Policy which second step will be the offering of called stockholders and trading was programmed into our the PSE shares to the public and participants. trading system and was their listing on the Exchange. PSE While we generally welcome activated on August 22, 2001. shares will have to be made the new Securities Regulation This is one vital reform the PSE attractive to the public and this will Code (SRC), we feel that there are has adopted the objective of require good business planning and certain provisions – mostly an which is to prevent the practice consultation with financial advisers. overreaction to the BW scandal – of front running. This means Until this project is accomplished, that must be amended if the stock that when a broker has a pre- there is a need to restructure and market is to flourish. existing dealer order and he mold the Exchange into a cutting We are thankful though that receives orders from his client edge company that the public would the Securities and Exchange at the same price, he must want to invest in. We have begun the Commission responded surrender priority and give process to identify various business positively to our appeal to relax precedence to his client’s order. units and profit centers within the the extremely stringent Amidst the difficult global organization in order to generate a provisions of the Securities economic environment which sustainable revenue stream. Regulation Code, particularly tended to keep investors away One very significant effect of the provisions on the broker- from the stock market, especially the demutualization is that it dealer segregation - which those in emerging markets like enabled the segregation of the prohibits the brokers from ours, the additional volume from ownership of shares and trading trading their dealer accounts - dealer accounts helps a lot in rights thus creating two valuable and broker-director rule – which generating market activities and for member-brokers, in raising averaging at P51.20. The Incidentally, the government is revenue to offset operating costs. economy registered a reportedly planning to make a On the broker–director rule, respectable growth for 2001 at public offering of its 10% stake in the SEC in a special resolution 3.4% GDP in contrast to the the project held by PNOC-EC. It issued on September 12, 2001 recession that certain countries will benefit our market if this plan exempted brokers and other in the Asia Pacific region have materializes. persons from the prohibition been experiencing. The The peace and order situation provided under Section 30.1 of the government’s budget deficit is relatively under control. Although SRC. The resolution provides that showed some improvement under the stubborn Abu Sayyaf problem brokers who transact shares of the current administration. has remained unresolved to date, corporations which would have However, while the government this is now being addressed with been prohibited shall disclose the targeted a deficit of P145 billion resoluteness by President same within five days after such for end year 2001, the actual Macapagal Arroyo with the transaction. However, the deficit exceeded the target by assistance of the United States to resolution limited the exemption to about P2 billion. whose war campaign against a period of only one year “unless The other positive factors that terrorism she gave her extended by the Commission will continue to prop up the administration’s full support. should economic conditions merit economy in 2002 are the low Let us hope that the positive such extension.” inflation rate which is forecast to economic factors and improved Despite the relaxation of the be in the range of 4-5% this year; political condition will usher in a said provisions, it is clearly not the good showing of the portent of good things to come for enough. The PSE is pushing for no agricultural sector which was aided the country this year. With all less than the repeal of these by good weather; the 4.3% strong these bright spots on the horizon, provisions so that the policy will be performance of the service sector there is certainly good reason to consistent irrespective of which which constitutes 42% of the believe that our market will administration is in power. In this economy; and the easing of the respond positively and show a regard, a proposed bill has already global economic downturn. Added much improved performance for been filed and is now pending to these factors are the improved year 2002. In fact, because of its consideration by the Philippine foreign exchange reserves which is resurgence in January, our market Congress. currently at the level of about has lately been rated as the best The general outlook for the US$15 billion. performing stock market in the year 2002 appears to be bright. One very significant world. While the market is currently The installation of the Macapagal development is the gas and oil showing softness in volume, the Arroyo leadership in office on production of the Malampaya Phisix is steady at the level of January 20, 2001 has brought project. Its output is estimated to 1,365 points. renewed hope to our country. meet a sizable amount of the Last year about the middle of Interest rates are at their lowest country’s fuel requirements. This September we had to deal with in years which augur well for will not only reduce our oil imports an unpleasant and regrettable business in general. The peso- substantially but will also help event – the resignation of U.S. dollar exchange rate is increase and preserve our precious Director Manuel Pangilinan as a stable and as of this writing is foreign exchange reserves. result of a press release issued 4-5>> positively and reassumed his post provisions and its IRR that as PSE director. adversely affected the market. I am In the absence of a President, confident that, having completed the Board created a Management the first stage of demutualization, Committee composed of Directors the necessary foundation has been Felipe Yap, as Chairman, Mario laid for the PSE to move forward to Camacho, Cayetano Paderanga, becoming a publicly listed Patricio Lim and Robert Coyiuto, profitable business concern and Jr. and Corporate Secretary eventually attain its long-held Edgardo Guevara as members to dream of turning into a full-service by the PSE President, Ramon T. assume the duties of the and world class securities Garcia, in response to a press President until a new president exchange. I am also secure in the release of Fort Bonifacio Dev. was appointed. On December 4 a thought that the Exchange is now Corp. on the issue of its delayed new President was appointed for in good hands with the donation of a property to PSE for a term of two years in the person appointment of a new president.
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