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Lim to step down as PSE president


Francis Ed Lim is stepping down as president and chief executive officer of the Philippine Stock Exchange (PSE), the bourse said on Thursday. PSE Chairman Hans B. Sicat, who will head a committee that will search for Lim's replacement, said Lim's resignation would take effect on February 16. Lim's exit came as a surprise since his contract was not expiring until May. The PSE said Lim would go back to private law practice. The exchange said Lim wanted to continue helping the bourse bring about initiatives for the capital market. Sicat thanked Lim for steering several market initiatives during his five-year stint to uplift the stock market. "A lot of the work he has spearheaded has now started to bear fruit and the various stakeholders and partners of the PSE are grateful for this," he said in a statement issued by the PSE. These include the permanent documentary tax exemption for stock transactions, the law that encourages Filipinos to invest in their personal retirement, another law that gives incentives to real estate investment trusts, and the Credit Information System Act. "The needs of our exchange are so rudimentary and they must be addressed decisively and quickly. They are essential to prevent the marginalization of our stock market and ensure the PSE's survival amidst the onslaught of ever-increasing competition," the PSE quoted Lim as saying. — GMANews.TV

Tags: stockmarket, psei
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