PSE elects Ramon Monzon as new chief

The Philippine Stock Exchange (PSE) on Saturday elected independent director Ramon Monzon as the new president and chief executive officer.

Monzon will replace Hans Sicat, who rendered a six-year term.

Monzon, who also heads the PSE's audit committee, was named as the new chief during the local bourse's annual stock holders meeting in Mandaluyong City.

During a press conference, the new PSE chief vowed to push for the revived P2-billion plan to takeover fixed income market operator Philippine Dealings System Holdings Corp. in a bid to integrate the country's capital markets under one roof.

PSE Chairman Jose Pardo said that Monzon is the right person to replace Sicat as he "chaired very well" the PSE's audit committee when the bourse was "affected mostly by global influences" and "our volumes have declined."

Monzon, meanwhile, announced that PSE board members have also elected two new directors in their roster.

"We welcomed two new members of the board Mr. Francisco Duque, who is the newly appointed chairman of the GSIS (Government Service Insurance System) and Mr. Vicente Panilio, who also used to be a board member a few years back," he said.

Duque, former Health secretary during the Arroyo administration, replaced former GSIS President and CEO Robert Vergarain the PSE board. GSIS holds 9.1 percent shares in PSE.

Panlilio, a former director of the PSE from 2010 to 2011, took over Monzon's vacated seat. —ALG, GMA News