It has taken us an awfully long time to unite our stock exchanges, and at great cost to our country as a whole.

For 23 years, our country’s two stock exchanges have been estranged from each other — rivals and never partners in the development of our capital market.

Now, at last, we are achieving significant progress in the process of full unification, thanks to the historic meeting of our stockbrokers community at the Asia Development Bank last march 20, when 179 stockbrokers finally voted for unification and elected you as directors and officers of the Philippine Stock Exchange.

It is imperative that we all grasp the importance of this moment. We have turned a page in the history of stock trading in our country. But we also admit that much more still has to be done. And there are still dangers that the unified exchange may splinter, judging by the press releases that continue to be published in the papers.

We have been talking for a long time about unification that it is now a cliche on every stockbroker’s lips. Yet, for reasons that sadly reflect our legendary record of factionalism, we have always fallen short of the goal. I hope your industry, to include the government departments and agencies concerned, will not be among the last crabs to join the national unification express now moving forward on many fronts towards our shared vision of “Philippines 2000!!!”

Now, when we are so close to that goal, let us not anymore linger on the old contentions and rivalries. Let us all practice what we preach and pursue relentlessly the overriding goal — one governing body, one set of rules, and one price for the stock market in our country.

Sometime back when I first tried to mediate the dispute that had stalled the program of unification, i said that unification is a probing ground not only for our stock exchanges, but for our business community and the nation itself.

Unity is crucial for the development of our capital markets, so that can truly contribute to national modernization and development. Competitiveness is the new name of the game in the world, especially in our region of Asia and the Pacific which is the most dynamic growth area today.

Philippine competitiveness is imperative for reinforcing domestic and international confidence in the national economy.

Nobody therefore is more pleased than I am to see you today — here in palace of our people — inducted into office so you can guide the Philippine Stock Exchange to the full realization of our declared purposes. With you in office, I am confident that there will be essential cooperation and selflessness within your community to see the unification process through to its conclusion.

Let us not detain this process any longer by your rivalries be they petty or large. Nothing can be larger than our national interests and the public welfare, which as your president are my most urgent concerns.

It is important that we achieve the concrete realities of union, and not just its mere appearance. This is in the interest of business. And this is also in the interest of the country. On this, let’s all be clear.

According to various studies, unification involves many things other than just name or venue or common board of directors. Much more than the physical unification process is vital and included are:

1) systems unification;

2) regulatory unification;

3) the full professionalization of the stock market in our country, and

4) accessibility to the vast middle class and people’s cooperatives who are both the new sources as well as beneficiaries of the increased capital formation that results from your unified programs.

This exacting process cannot be satisfactorily filled unless we all approach the tasks mindful that we must all give as well as take. Nothing can be achieved if each of us only sees his own self-interest.

On the part of government, I specifically ask all government functionaries and agencies to promote unification, competitiveness and sustained expansion of our capital resources within the framework of our Medium-Term National Development Plan — “Philippines 2000!!!”. All government officials must be cheerleaders for the Philippine team because — you are part of the team.

As we meet here today, many are looking to the substance of our declarations, actions and programs on this great issue. Foreign fund managers had hinged their plans to invest in the Philippines in the eventual union of our local bourses.

We can be in no doubt that our stock market can perform a great service to the nation by bringing in investments, domestic and foreign, into the national economy at this time. These investments won’t come unless investors are fully assured of a fair, efficient and level marketplace.

At this point, allow me to commend Cesar Virata and the other members of the original PSE board, for their magnificent and level-handed steering of the unification process.

Allow me also to commend the members of the Oversight Committee, and the SEC under Chairperson Lopez for helping narrow down the disputed issues to a few fundamental items and facilitating the vote on these issues.

But I am sure the greatest tribute should be paid to the brokers themselves.

Before I close, let me renew my appeal for us to work together in developing an efficient, attractive and dynamic stock market. I enjoin the Securities and Exchange Commission to expedite the approval of the PSE by-laws as approved by its members. I also call on the PSE to hasten the link-up of the computer and communications systems and other linkages of Manila and Makati, to make the unified stock exchange fully functional. You have hurdled the “penitencia” of settling the basic difficulties. Let us put that behind us and move on to a joyful easter filled with new opportunities and benefits for our people.

Mabuhay ang Philippine Stock Exchange.

Mabuhay ang Pilipinas!!!