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Message
from the Chairman
05 April 2001
It is auspicious that as the Philippines
enters into the third millennium, the fulfillment of its desire to enhance
the development of its capital market may be nearer reality. This I can say with confidence considering the following:
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The
enactment of R.A. 8799 also known as the Securities Regulation Code which
provided a better legal framework
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The re-organization of the Securities and Exchange Commission which gave rise
to a new SEC staffed with vibrant young professionals endowed with a
renewed sense and commitment to delivering quality public service
These reforms came because of the critical
need to restore investor confidence in the Philippine capital market.
Nevertheless, a lot more has to be done. There is a need to undertake more reforms in order to end the
outdated practices, structures, and legal framework that have not served
the development needs of our country.
We have to realize that our abundant human
resources and substantial natural assets cannot bring about sustainable
development unless we have the necessary capital. As the competition for foreign direct investments intensify,
we need to face the challenge of how to exploit the mechanism provided by
the global financial system and its markets, so that we can utilize the
surplus savings from anywhere in the world for our investments needs, both
in the short- and long-term. Likewise, we have to remember that a well
developed and properly functioning capital market, which is a good source
of long-term investments, is the product of appropriately structured laws,
regulations, and institutions, as well as vigilant enforcement.
Finally, in this age of rapidly changing
technologies, which make possible the generation and processing at
enormous speed of capital market related-information needed by investors,
enforcement has to be empowered by, among others, the appropriate data
processing facilities.
Let us work together in earnest to develop the
Philippine capital market.
Mabuhay!
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