Philippine Stock Exchange Aims to Wrap Up Negotiations for Integration with PDS Group

In an interview, PSE president and CEO Ramon Monzon told The STAR he is hopeful the valuation work by the parties involved would be done by May.MANILA, Philippines — The Philippine Stock Exchange Inc. is aiming to wrap up negotiations with shareholders of the Philippine Dealing System Holdings Corp. within the first half of the year, paving the way for the long-awaited integration of the local bourse with the fixed income exchange to finally happen this 2024.

“In 2017, what happened was negotiations came first with the sellers. So sales agreement came first between PSE and the sellers. They agreed on the price, only not to get the regulatory approval,” Monzon said. The commission en banc allowed the PSE to exceed the mandatory limit of 20 percent on ownership and voting rights in an exchange by an individual or an industry, granting it leeway to own up to 100 percent of the PDS Group, subject to certain conditions.

“Number two, PDS is owned by about 23 or 25 banks and what happened is that these banks have power of attorney given to BAP. In short, they speak for the banks. So what had happened is the power of attorney of the BAP from the banks, most of them have expired so they’re renewing it now. I don’t want to negotiate with 23, 24 banks so I am waiting for BAP to finish the process. Then of course BAP also I’m sure hired their own valuation provider,” Monzon said.“And then it’s not hard to negotiate.

China Bank Capital Corp. managing director Juan Paolo Colet told The STAR that an integrated bourse would enable the PSE to offer efficient listing and trading solutions across a variety of securities, including equities, bonds and eventually options.

Philippine Stock Exchange PSE Negotiations Integration PDS Group Philippine Dealing System Holdings Corp. Fixed Income Exchange

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