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PSE to reopen trading floor on June 1

With the easing of Metro Manila’s quarantine regime from modified enhanced community quarantine to general community quarantine on June 1, 2020, the Philippine Stock Exchange, Inc. (PSE) will correspondingly reopen its trading floor on the same date.

Ramon S. Monzon

PSE President and CEO Ramon S. Monzon

In a statement, PSE said the floor which serves as the trading hub of more than 60 percent of stockbrokerage firms has been closed since March 19 following the enhanced community quarantine (ECQ) guidelines issued by the Inter-Agency Task Force (IATF) for the Management of Emerging Infectious Diseases.

 

“While our floorless or offsite trading from March 19 to May 29 has proven to be efficient and seamless, we decided to reopen and resume trading on the floor to convey a strong message to the investing public that things are back to ‘normal’ in the capital markets. Hopefully, the optics of the reopening will contribute to the restoration of the general public’s much needed confidence in the recovery of our economy,” said PSE President and CEO Ramon S. Monzon.

“The brokers who were vacated from the trading floor upon the imposition of ECQ in Metro Manila by IATF had to look for alternative sites where they could transfer their trading operations. This caused them to incur additional expenses for rental, employee board and lodging and connectivity costs. With the reopening of the trading floor, the brokers would be finally be spared from these incremental and substantial expenses,” Monzon added.

In reopening the trading floor, PSE will strictly observe the health and safety guidelines for the workplace prescribed by the IATF, the Department of Health, and the Department of Labor and Employment. PSE will do temperature checks on the traders prior to entry in the floor and midway through the trading session. They will also be required to submit daily health declarations prior to entry.

To comply with social distancing requirements, only one trader per booth will be allowed compared to two or three traders per booth before. All persons inside the trading floor will be required to wear masks at all times and no congregation in any area within the floor will be allowed. PSE will also provide hand sanitizers at strategic areas on the floor and will diligently perform the disinfecting protocols.

“The above measures may be inconvenient and troublesome but we trust the traders will understand and appreciate that all these are being done to safeguard their health and well-being,” Monzon explained.

The PSE will continue to observe shortened trading hours, from 9:30 a.m. to 1:00 p.m., until further notice.

“Trading hours may remain abbreviated but the PSE will do what it can as a stock market operator to support initiatives towards the country’s economic recovery,” Monzon said.


Source: Manila Bulletin (https://business.mb.com.ph/2020/05/31/pse-to-reopen-trading-floor-on-june-1/)

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