INTRODUCTION
First of all, let me congratulate the officers, governors and members of the Philippine Stock Exchange (PSE) for having finally attained a Self-Regulatory Organization (SRO) status — a title you shall be proud of.

The status will tell the whole world that the Philippines has a stock exchange that can stand head and shoulders with the rest of the exchanges worldwide — not only in terms of dynamism, vigor, maturity and growth, but especially in accountability, transparency and responsibility.
WORTH THE WAIT
Your SRO status is full and complete. You are a full-fledged self-regulatory organization with the awesome responsibility to chart the growth and destiny of the Philippine capital market. I recall having approved the award of a temporary SRO status to the PSE in December 1996. A year and a half before the status became full and permanent may be quite a long wait to some.

But, I feel that the status was well worth the wait. Better still, your timing is perfect. You made sure your SRO status came close on the heels of our centennial celebration.

That this status is being given in 1998, and not in 1996, has a powerful message to all of us. Your SRO status now has a major role to play in substantiating the spirit of our centennial commemoration. Your SRO status powerfully tells us that, in the 21st century, the Philippine Stock Exchange could help lead our country to our lofty aspiration to become one of the best performing economies in Asia.
ENGINE OF GROWTH
My watch over the Philippine economy has yielded large dividends in terms of renewed investor confidence, steady economic growth, and a better life for our people. Our stewardship of the economy, our reform agenda, and our statecraft have made sure the private sector does the things it does best: become the engine of growth for our country.

The Philippine Stock Exchange, as an SRO, will have to prove true our assumption: the charting of the growth and viability of the capital market can be done exceedingly well by the private sector, given a liberalized policy environment where market forces are given free play.

With this SRO status, we are granting the PSE significant powers for self-governance. We expect you to use this authority under the concept of stewardship. We hope you will provide enlightened and selfless leadership — especially because you are expected to strengthen our national policy of investor protection and our nationwide desire to continue inspiring investor confidence here and abroad.
FREEING MARKET FORCES
The Securities and Exchange Commission (SEC) has exerted laudable efforts to promote market reforms, notably the granting of an SRO status to the PSE. In effect, the sec has exercised commendable prudence in devolving its powers for the sake of the greater good, thereby propelling the well-being and growth of the Philippine capital market.

The action of the sec again underscores the hallmark of the Ramos presidency of giving free rein to market forces, regulated only by the government’s commitment to ensure investor protection that results in investor confidence.

I have noted the steady growth our market capitalization has experienced. The volume, trends and steadiness, however are not yet that good — so i say work, improve work, improve to all, including myself. Certainly, I have also noted that, while we have been hit by the Asian economic crisis, the Philippines has actually proved among the most resilient amidst the turmoil.

I would like to believe that our strength lies in the collective confidence of our countrymen and the international community in our fundamentally sound economy. The fact that we took our bitter medicine and made the daring decisions in terms of giving free rein to market forces and instituting reforms long before adverse winds visited Asia and our land has stood us in good stead.
CLOSING
I commend all major players that have charted the growth of our capital market — notably the securities and exchange commission; the Philippine stock exchange; our departments of finance and trade and industry, and the Bangko Sentral ng Pilipinas. The granting to the PSE a permanent SRO status is therefore, a fitting climax to our years of instituting reforms and making them stick.

Our act today will remembered by our countrymen and countrywomen as one vigorous push for an economy that continues to move on, which has become a model for development among emerging countries, and which has earned the respect and confidence of our neighbors in the Asia-Pacific region.

The steady, determined and consistent work of building upon our gains must continue. The rallying cry for every Filipinos to close ranks and join hands to build our nation must always be “kaya natin ito!”

Mabuhay ang Philippine Stock exchange!

Mabuhay ang securities and exchange commission!

Maraming salamat at mabuhay tayong lahat!