Bittersweet! PSE permanently shuts trading floor

After 64 years, the Philippine Stock Exchange shuttered its trading floor on Friday, signaling its shift to all electronic trading starting June 27.

The bourse’s migration to flourless trading was in response to technological advances that made trading more convenient and efficient for the investing public and stockbrokers. Automation will result in faster trades, better prices and cost savings.

During the closing ceremony, PSE president and CEO Ramon Monzon said this was “a sentimental moment for everyone who found comfort and security in being at a trading floor. “

“Decades-long friendships have been built and nurtured over the years among the trading participants and traders on this floor, and this should not, and hopefully will not, end. The PSE may be among the few exchanges to have retained a trading floor to this day but in the end, technology finally prevailed,” he said.

MOnzon said that when the exchange moved to BGC, only 85 out of 132 active trading participants (TPs) availed of booths and dealer room spaces.

“With the COVID-19 pandemic, these 80 plus TPs experienced offsite trading firsthand when we had to go floorless due to the lockdowns. This clearly demonstrated to the TPs that seamless trading can be done so long as they are connected to the PSE’s trading platform. Finally, when the time came to renew their leases at the trading floor, only 29 of the 85 TPs renewed their leases, making it more practical for everyone to go on a full floorless trading.” MOnzon said.

“With COVID, these 86 [traders] experienced offsite trading when we had to go floorless due to the lockdowns. This clearly demonstrated to the trading participants that seamless trading can be done so long as they are connected to the PSE’s trading platform,” he added.

Monzon said bell ringing ceremonies for new listings would still be conducted at the the bourse’s headquarters in Bonifacio Global City.

Court dismisses tax case against Pacquiao

Philippine boxing legend Manny Pacquiao on Friday won a years-long court battle to avoid paying tens of millions of dollars in extra taxes after an appeals court dismissed the case against him.

Court dismisses tax case against Pacquiao

Philippine boxing legend Manny Pacquiao on Friday won a years-long court battle to avoid paying tens of millions of dollars in extra taxes after an appeals court dismissed the case against him.