PSE CEO Hans Sicat has been under fire from netizens because of a letter from a the lawyer of a
company called Gardenful Ventures, which initially seems like a real estate company. The letter
reiterated the failure of the PSE to disclose certain irregularities or alleged offenses committed by
Ayala Land Inc.
Philippine law dictates that in the interest of the investing public, the Philippine Stock Exchange is
required to disclose all issues about the companies being traded. The public has the right to know
if their money will be safe when they invest it with a certain company or not. The PSE is the final
authority that is expected to disclose all pertinent information about all the companies who do
business with the public.
What is disturbing is that this letter, which came to the attention of the public through Facebook
and was passed around many times until it went viral, was the only way that the public knew that
was an issue with Ayala Land Inc. ALI is a company that builds residential and commercial
condominiums and malls thus a great deal of money goes around in investments and real estate
development. While some people choose to buy homes from ALI, there are some who opted to put
their hard-earned money into ALI’s stocks. Because the impression of the public that ALI properties
sell like hotcakes, there is more than adequate trust in their stocks, thus the higher-than- usual cost
of trading ALI stocks. Ayala Land enjoys the trust of the public because of the good name of the
Ayala Group of Companies to which ALI belongs, but the public needs to know if there have been
offenses committed which will affect the price of their stocks and their overall financial standing. It
is the responsibility of the PSE to make sure that all such matters are fully disclosed.
Which brings us to the question: why is there such a letter and what were they trying to hide?