BIZ BUZZ: Cecile Ang joins PSE board
The Philippine Stock Exchange (PSE) just added some star power, with tycoon Ramon S. Ang’s heiress joining the board.
Cecile Ang, the daughter of San Miguel Corp. (SMC) chair and chief executive officer, replaced Ferdinand Constantino, who left his post as nonbroken director (representative investors).
Given SMC’s business empire, Cecile offers wide-ranging experience in business development.
For one, she serves as the vice president of New Naia Infrastructure Corp., the new operator of the country’s main air hub.
Cecile has also been leading the Ang family’s Diamond Hotel as well as the San Miguel Foundation, which led to the birth of the “Better World” program.
Although Cecile’s selection has drawn attention, an expert said this appointment was unlikely to make waves since her father “has long been a proxy in the PSE board.”
But if there is truly a need to move the needle, the source told Biz Buzz that current PSE chief Ramon Monzon should be replaced.
“He’s the one who has a Marcos-related baggage. Bad for investor optics,” he said.
Well, a little rewind, Monzon, who previously led state-run TV networks, confessed to being a “dummy” of Sen. Imee Marcos.
Under his watch, also coinciding with the pandemic market crash and recent corruption issues, the capital index has been posting its weakest performance.
Aside from Cecile, PSE’s board of directors also named Jaime Bautista, a former transportation chief, as an independent director.
