Philippine Stock Exchange Bell Ringing

President of the Philippines
At the Philippine Stock Exchange Bell Ringing
[September 14, 2010, Ayala Avenue, Makati city]

Good morning!
Confidence in the country’s prospects is experienced in many ways, but one of the most concrete manifestations is the recent improvement of in the stock market. On Monday, the PSE index hit at an all time high on substantial volume. Last week, we averaged a daily turnover of 5.78 billion pesos. This week, we could very well see average turnover in excess of 4 billion pesos. These are numbers we haven’t seen in years.
It’s not just in the stock market.  We’ve seen an enthusiastic response to our global peso bond offer. As Finance Secretary Cesar Purisima has already said, the offer was over subscribed by more than ten times. Investors were willing to accept a 5% yield and to assume the foreign currency risk, which I hope Cesar assured them would be minimal.
The impressive performance of the capital market usually heralds the coming of more Foreign Direct Investments. That is what our government is working on now. That is what I hope to achieve in my forthcoming trip to the United States. But before the days ahead, let us celebrate today as I ring this bell. I know you will join me in wishing for more happy days to come for our stock market.
Thank you!

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