The Philippine Stock Exchange (PSE) announced the election of two new independent directors, Peter B. Favila and Andrew Jerome T. Gan, at the company’s annual stockholders’ meeting (ASM) held on August 5, 2023.

Photo (from left, by row): President and CEO Ramon S. Monzon, Chairman and Independent Director Jose T. Pardo, Independent Directors Chief Justice Teresita Leonardo-De Castro (ret.), Andrew Jerome T. Gan, Peter B. Favila and Vicente L. Panlilio; Broker Directors Diosdado M. Arroyo, Eddie T. Gobing, Wilson L. Sy, Anthony M. Te, and Vivian Yuchengco; Director representing Issuers Atty. Marilyn Victorio-Aquino, Directors representing Investors Ferdinand K. Constantino and Jose Arnulfo A. Veloso, Treasurer Omelita J. Tiangco and Corporate Secretary Atty. Aissa V. Encarnacion.

In a statement, the bourse said Favila was Director of the PSE from 2002 to 2005 and for a short while, was Chairman of the Exchange.

He served as Trade and Industry Secretary from 2005 to 2010 and after, joined the Bangko Sentral ng Pilipinas as a member of the Monetary Board (MB) and recently finished his second stint as MB private sector representative.

Favila was previously President of Philippine National Bank, Security Bank and Allied Banking Corporation.

Gan was a Director of the Capital Markets Integrity Corporation from 2014 to 2023. He is Co-Founder and Managing Director of Beacon Holdings Inc., Beacon Advisors Inc., Beacon Management Group Inc., and Fifi L’Amour Inc. Mr. Gan served as Director and Treasurer of Nuovo Moda, Inc. and Managing Director of Globo Land Development Corporation.

Also elected during the ASM was Atty. Marilyn Victorio-Aquino. She joined the Exchange in June 2023 as Director representing issuers.

Victorio-Aquino is a Director of PLDT Inc. and PLDT's Chief Legal Counsel, Head of Legal and Regulatory and Strategic Affairs Group, and Corporate Secretary.

She has been an Associate Director of First Pacific Company Limited (First Pacific) since 2018 and currently holds various positions in the Philippine subsidiaries and affiliates of First Pacific and Metro Pacific Investments Corporation.

The 15-member PSE Board is comprised of one President-Director, five broker Directors, and nine non-broker Directors.

Of the nine non-broker Directors, at least five are Independent Directors and at least four are Directors representing the interests of issuers, investors and other market participants.

Jose T. Pardo and Ramon S. Monzon were re-elected as Chairman and President and CEO, respectively.

Aside from Pardo, Chief Justice Teresita L. De Castro (ret.) and Vicente L. Panlilio have been given a fresh mandate to serve as Independent Directors.

Re-elected as broker Directors were Diosdado M. Arroyo, Eddie T. Gobing, Wilson L. Sy, Anthony M. Te and Ma. Vivian Yuchengco. Meantime, re-elected as Directors representing investors were Ferdinand K. Constantino and Jose Arnulfo A. Veloso; and Tomas I. Alcantara as Director representing other market participants.

“The new directors are excellent additions to our Board given their notable backgrounds and range of expertise and experience. I, together with the rest of the Board, look forward to working with them as we continue to push reforms and initiatives to further develop and deepen our capital market,” said Pardo.