President Aquino lauds improving RP stock market
Manila (15 September) -- President Benigno Aquino III lauded the historic improvement of the Philippine Stock Exchange which, he said, is a "concrete manifestation" of the rising confidence in our country's prospects.
"Confidence in our country's prospects is experienced in many ways, but one of the most concrete manifestations is the recent improvement in the stock market," the President said in his speech opening the trading day at the PSE's headquarters in Makati City on Tuesday (September 14).
The Philippine Stock Exchange index or PSEi, the barometer for the markets, reached 3,972 points on Monday (September 13), hurtling past the previous record of 3,873.50 set on Oct. 8, 2007, bouyed by the country's economic resiliency and optimism in the new administration.
The Chief Executive praised this record-breaking feat saying, "These are numbers we haven't seen in years."
This, the President, said could very well upstage last week's daily average turnover of P5.78-billion to an average turnover in excess of P6-billion this week.
He pointed out that it is not only in the stock markets that the country is flourishing in. "We've also seen an enthusiastic response to our global peso bond offer," he added.
The government issued on Friday the 10-year, peso-denominated global bonds priced at 99.607 percent with a coupon of 4.95 percent and a yield of 5 percent.
The sale, which was participated in by a mix of Asian, American and European investors, netted for the country $1-billion (P44.1-billion) after only 16 hours upon its issuance with bids reaching over 13 times the offer.
"The success of the peso bond float is a quantifiable and real vote of confidence in the country and the government, particularly our economic managers," the President stressed.
He noted that with the impressive performance of the stock markets coupled with the enthusiastic response to our global peso bond offer, more Foreign Direct Investments is not far behind.
"That is what our government is working on now. That is what I hope to achieve in my forthcoming trip to the United States," the President said.
"But before the days ahead, let us celebrate today as I ring this bell. I know you will join me in wishing for more happy days to come for our stock market," he added.
Prior to opening the day's trade, the President inaugurated the newly built office of the PSE which had transferred its operations from the Tektite Towers in Ortigas to its Makati City home.
In his welcome remarks, PSE chairman Hans Sicat said that with this move, the PSE's operation and occupancy costs will go down considerably.
Joining the President during the occasion were Finance Secretary Cesar Purisima, Sicat and PSE's president and CEO Val Antonio Suarez.
The Philippine Stock exchange is the only existing stock exchange in the Philippines and is one of the largest in Southeast Asia. The PSE Composite Index (made up of 30 stocks) is the key indicator of share price movement in the market six sub indices: Financials Index, the Industrial Index, the Holding Firms index, the Property Index, the Services Index, and the Mining & Oil Index. (rck/12:00 p.m) [top]