Bilyonaryo - Business

Monzon’s successor? Peter Favila poised to join PSE after Monetary Board

June 22, 2023

Bilyonaryo.com

Veteran banker Peter Favila is reportedly preparing to make a move to the Philippine Stock Exchange (PSE) following the completion of his term as a member of the Monetary Board.

A Babbler said Favila, who was a former president of Allied Banking and Philippine National Bank, is also being touted as a possible replacement for president and CEO Ramon Monzon who has led the PSE for the last six years.

“He (Monzon) is one of the longest-serving PSE presidents and the PSE needs a fresh start. But most likely, he’d probably stay on for another term and Favila might take over next year,” Babbler said.

Favila’s second, six-year term as MB member will end on June 30. He previously served his first term from 2008 to 2014.

Currently, the PSE has a vacant seat following the resignation of Gilbert Teodoro, who stepped down as an independent director on June 7 after accepting the position of Defense Secretary in President Bongbong Marcos’ administration.

The Wharton-bred Favila used to be the Trade Secretary of then President Gloria Macapagal-Arroyo whose influence can be seen throughout the PSE board. Teodoro also served as Arroyo’s Defense Secretary.

Aside from his son, former congressman Dato Arroyo, Arroyo’s allies on the PSE board include Holcim chairman Tomas I. Alcantara, and retired Chief Justice Teresita Leonardo De Castro (who was appointed to the Supreme Court by Arroyo).

Related News Tags: Monetary Board, Peter Favila, Philippine Stock Exchange (PSE)

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