UST ALUMNUS and newly elected Philippine Stock Exchange (PSE) chairman Peter Favila said that the bourse’s shift to non-broker management reflects “maturity among stockbrokers” as it allows others to take over the operations and management of the PSE.
“The market’s impressive turnaround in recent months has reinforced the need for the brokers to seize the day, focus on their businesses and leave the management and governance of the PSE with career professionals,” Favila, PSE’s first non-broker chairman, told the Varsitarian.
Favila, elected last March 20, is a presidential adviser on Infrastructure Finance and an economic adviser to the Speaker of the House of Representatives. He will continue PSE’s programs on acquainting the youth with the stock market, he said.
“We have intensified our campaign (on investor education and market promotion) in recent years to inform more people about the stock market,” Favila said. “We have also taken special interest among the young minds, creating activities including trading simulation games like the online stock trading tournament, which–being a fellow Thomasian–I’m proud to say, had a UST student as champion for two years in a row.” (See related article on page 4.)
A former president and CEO of Philippine National Bank, Security Banking Corporation, and Allied Banking Corp., Favila said his Thomasian orientation has helped him overcome temptations of greed and focus instead on public service.
“Commitment to truth, altruistic service to our fellowmen, and strong faith in God have become my fortress through this life’s complexities,” said Favila, who finished his Banking and Finance degree in the College of Commerce and Accountancy in 1968.
Favila was PSE’s independent director from March 2002 until his election, and also served as the exchange’s oversight director from July to August 2004.
He is also a member of the board of trustees of the Ramos Peace and Development Foundation Inc., and the Alay sa Kawal Foundation, as well as the advisory council of the Asian Bankers Association.
