The Philippine Stock Exchange (Filipino: Pamilihang Sapi ng Pilipinas) (PSE: PSE) is one of the twostock exchanges in the Philippines, the other one being the Philippine Dealing Exchange. It is the primary stock exchange in the Philippines. Aside from being one of the major stock exchanges in Southeast Asia, it is also the first and the longest one operating since 1927. As of 31 December 2007, the Philippine Stock Exchange had 244 listed companies with a combined market capitalization of $103 billion.[1]
It currently maintains two trading floors, one in Makati City's Central Business District and one at its headquarters in Pasig City. It is presently composed of a 15-man board, chaired by former Supreme Court Justice Jose Vitug, an independent director, who was reelected a 4th time on May 18, 2008 (since July 2005). Francis Lim was reelected to a 5th term as president since 2004.[2]
The PSE is known for having one of the shortest trading hours of any stock exchange in Asia, only trading from 9:30 am to 12:30 pm PST.[3] A two-hour long afternoon trading session is set to be added to the PSE trading day by June 30, 2009.
History
The Philippine Stock Exchange was formed from two stock exchanges, the Manila Stock Exchange(MSE), established on August 8, 1927, and the Makati Stock Exchange (MkSE), which was established on May 27, 1963.
Although both the MSE and the MkSE traded the same stocks of the same companies, the bourses were separate stock exchanges for nearly 30 years until December 23, 1992, when both exchanges merged into the present-day Philippine Stock Exchange.
In June 1998, the Philippine Securities and Exchange Commission granted the PSE a "Self-Regulatory Organization" (SRO) status, meaning the bourse can implement its own policies and establish penalties on erring stock brokers, traders, and companies.
In 2001, one year after the enactment of the Securities Regulation Code, the PSE was transformed from a non-profit, no-stock, member-governed organization into a fledgling revenue-earning corporation headed by a president and a board of directors. The PSE eventually listed its shares on the exchange (traded under the ticker symbol PSE) and eventually ventured on into new fields such as debt securities.
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