Philippines: No End to Progress

A series of bitter disputes between stock exchange officials and regulators is hampering the development of capital markets in the Philippines. Economic growth has boosted trade in equities, but sectors such as bonds, mutual funds and mortgages are only now beginning to develop.

Yulo’s six goals

Jose Luis Yulo, the new president of the Philippine Stock Exchange (PSE), has a dream. Over the next few years, he wants to boost the number of Philippine-listed companies from 221 to 500, establish a bond market, set up a new board to list small and medium-sized firms, extend share ownership to the middle classes through mutual funds and expand the exchange’s reach from the capital to the provinces.

The new exchange chief, in office since June, has one other strong desire.

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