The Philippine Stock Exchange Inc. (PSE) said former President Fidel V. Ramos was instrumental in the merger of the Manila Stock Exchange (MSE) and Makati Stock Exchange (MkSE).
“This is a proud tribute to his administration, now that we stand united as a stronger member of the capital market. He will always be considered a pillar and a vital part of PSE’s history. His demise is great loss not only to our nation but to the Philippine business community as well,” PSE Chairman Jose T. Pardo said.
The MSE was established on August 8, 1927 and the MkSE on May 27, 1963 as two separate entities. Although both traded the same stocks of the same companies, the bourses were separate stock exchanges.
On December 23, 1992, a joint declaration on the unification of the stock exchanges by the chairmen of MSE and MkSE was signed in the presence of Ramos.
A document that chronicles the unification story of the PSE cited that reaching the goal of unification “was in large part accelerated by the professionalization of the brokers and bourses, the backing of SEC chairman Rosario N. Lopez and the brokering of President Fidel V. Ramos himself.”
President Ramos also led the oath taking of the first set of PSE governors on April 6, 1993. He granted PSE’s self-regulatory organization (SRO) status and handed the SRO certificate in a ceremonial turnover on June 29, 1998.
“The initiative and determination of President Ramos to have just one exchange for the country paved the way for the development of the Philippine stock market. We will forever be grateful for all he has done and the legacy he left to the capital market,” PSE president and CEO Ramon S. Monzon said.
During his term, the benchmark Philippine stock market index gained 12 percent while value turnover grew by 863 percent, a testament to the confidence on the economic reforms instituted by the government that paved the way for the Philippines to be touted as the next Asian Tiger.