Finance Secretary Cesar Purisima backed the entry of the Philippine Stock Exchange (PSE) in a project aimed at integrating Southeast Asian stock markets. The finance chief acknowledged progress has been slow because some players in the national exchanges fear losing their jobs, the Philippine Star reported.
Integration would make it easier for companies to raise money, by reaching investors across the region. It would make it easier for investors in one country to buy stock of companies in other countries.
Speaking at a meeting of the Shareholders Association of the Philippines on Monday, Purisima encouraged the group to better inform the public about the benefits of investing in the local stock market. To date, just about one percent of the population invests in the stock market compared to Singapore’s 33 percent.
“I’d really like to see more especially since we have a middle class that is earning well,” he said. “There is so much that you can do and that you must have a program of action that will enlarge your influence.”
He urged the inclusion of Sharephil in the Capital Markets Development Council (CMDC), a public-private body that coordinates and proposes policies for the industry.
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