Price of a seat on the floor hits the ceiling

PUNTERS seeking reassurance that all's well with the Philippine stock market need only note that the price of a stock exchange seat surged from 1.5 million pesos (about HK$420,000) to 20 million pesos between June and December last year.

Eduardo de los Angeles, president of the Philippine Stock Exchange, said there were 17 unsold seats left on the exchange but no immediate plans to sell them.

The exchange has a total of 200 possible seats.

''Those who want to get into the market have to buy it [seat] from existing brokers but there are no sellers which means the future's bright - otherwise everyone would be selling.'' Mr de los Angeles said there were about 15 foreign brokers in the Philippines market and many more had applied.

He also revealed that the stock exchange and the Securities and Exchange Commission were planning stronger trading rules to prevent stock market manipulation.

In addition, experts were being brought in from the United States Securities and Exchange Commission to help train surveillance.