As I attended my final board meeting of the Philippine Stock Exchange on 17 June, I found myself reflecting not on the resolutions passed, the committees served on, or even the milestones achieved, but on the extraordinary privilege of having been part of an institution that holds a unique place in our nation’s economic life.
For the past fifteen years, I have had the honor of serving on the Board of the Philippine Stock Exchange (PSE). Looking back, I can say without hesitation that those years have been among the most rewarding of my professional life.
The PSE is much more than a marketplace where stocks are bought and sold. It is the barometer of the nation’s economic health and aspirations. Every trading day, it reflects the confidence, optimism, concerns, and expectations of investors regarding the future of the Philippines. When the economy prospers, the Exchange often rises with it. When uncertainty clouds the national landscape, the market invariably takes notice.
To have contributed, even in a modest way, to such an institution has been a privilege for which I shall remain forever grateful.
During my tenure, I was fortunate to be entrusted with responsibilities that enriched my understanding of governance, leadership, and institution-building. I had the honor of chairing the Best Corporate Governance Awards and the ESG Awards, initiatives designed to encourage higher standards of corporate responsibility, transparency, and sustainability among publicly listed companies.
Corporate governance may not generate headlines in the same way that politics and business deals do, but it remains one of the most important foundations of investor confidence. Markets flourish where trust exists. Capital flows where transparency prevails. Sustainable growth becomes possible when corporations recognize that profitability and responsibility are not mutually exclusive but complementary objectives.
I was impressed by the presence of esteemed directors during my years at the PSE and by the extraordinary concentration of talent around the board table. What struck me most was the remarkable depth of experience of my fellow directors.
At the table sat a former Chief Justice of the Supreme Court, former Cabinet secretaries, heads of major government and financial institutions, CEOs of some of the country’s leading corporations, and longstanding, revered PSE shareholders whose wisdom, historical perspective, and institutional memory have guided the Exchange through the years.
Yet, despite their accomplishments, they remained grounded and humble. They listened more than they spoke, sought consensus rather than credit, and consistently placed the institution above personal interests.
I was also given the privilege of serving as a director of the Capital Markets Integrity Corporation (CMIC), whose mission is to safeguard the integrity and credibility of our securities market.
Investor confidence is the lifeblood of every stock exchange, and confidence can only thrive where fairness, transparency, and accountability prevail.
Among the many initiatives pursued during those years, one stands out as particularly significant — the integration of the Philippine Depository and Trust Corporation and the Philippine Stock Exchange. I was given the privilege to head the special group created by the board to initiate this undertaking.
The journey toward the long-awaited unification of the country’s trading and depository infrastructure was neither simple nor easy. Major reforms rarely are. They require patience, persistence, consensus-building, and a willingness to look beyond immediate interests toward long-term national benefits. Today, the unification is nearly complete, with only a few minor ownership issues still being threshed out.
Yet the objective has always been clear — to build a more efficient, modern, competitive, and globally aligned capital market infrastructure capable of serving future generations of Filipinos.
I firmly believe that historians of Philippine finance will one day view this consolidation as a landmark reform that strengthened the country’s financial architecture and enhanced its capacity to support economic development.
But while achievements and reforms are important, they are not what I will remember most.
What I will cherish are the people.
The friendships forged through years of collaboration. The mutual respect cultivated through spirited discussions. The camaraderie that developed despite differing viewpoints. The shared commitment to advancing an institution larger than any individual.
In many organizations, board members are colleagues. In the PSE, they are family.
I owe a debt of gratitude to chairman Jose “Titoy” Pardo, my fellow directors, my band of brothers, CEO Mon Monzon, COO Roel Refran, the members of Management, and the entire PSE team. Their professionalism, competence, and dedication continually inspired me.
The success of the Exchange did not occur by accident. It was the product of countless hours of hard work, thoughtful stewardship, and unwavering commitment by men and women who often worked behind the scenes with little public recognition.
As I leave, I do so with pride, gratitude and optimism.
The Philippines today faces its share of political uncertainties and economic challenges. Yet I remain confident about the future of the PSE. Institutions endure because of the quality of the people who lead and serve them, and the Exchange is blessed with an abundance of talent, integrity, and commitment.
I am no fortune teller, but I can confidently foresee the Philippine Stock Exchange reaching even greater heights in the years ahead. Its future is secure not because of any single leader or board, but because of the collective dedication of those who continue to uphold its mission and values.
Over the years, I have delivered many farewell remarks. But I have never been comfortable saying goodbye because goodbyes imply finality. They suggest an ending. Yet life teaches us that meaningful relationships rarely end, they simply evolve into new forms.
So instead of goodbye, allow me to bid the PSE “au revoir” in French, “ci vediamo” in Italian, and “hasta la vista” in Spanish, which all mean the same thing in English: “Till we meet again.”