Pardo extension gets full PSE backing
Pardo’s wide experience and expertise in the financial markets are needed during this challenging times
The Philippine Stock Exchange (PSE) has backed chair Jose T. Pardo’s term as independent director of the bourse to be extended for another two years.
The board said it supports Pardo’s election as he had initiated projects and reforms in the company which are in the process of being implemented and would require his continued guidance and leadership in their implementation.
“Pardo’s wide experience and expertise in the financial markets are needed during this challenging times as the PSE would benefit” from his experience.
The PSE noted that despite the prolonged crisis, the equities market remains a sanctuary for investments.
Bourse data showed 105 of the 271 PSE-listed companies paid a total of P342.88 billion in cash dividends to common stockholders in 2020, giving investors in these companies a yield of 2.5 percent.
In 2019, 115 of the 268 PSE-listed companies paid a little higher P368.03 billion in cash dividends, also providing a yield of 2.5 percent.
Cash dividends to stockholders of 29 of the 30 index stocks amounted to P157.05 billion, or a 1.76 percent yield, and P178.52 billion, 1.85 percent yield, in 2020 and 2019, respectively.
PSE president Ramon Monzon said listed firms continued to pay attractive dividends in 2020 despite the disruptive impact of the pandemic to their operations and cash flow.
“These dividends provided investors additional income during one of the most financially challenging years,” he noted.
The Financials sector had the biggest dividend payout among the sectors last year. Twelve of the 30 companies in this sector paid out a combined P159.05 billion in cash dividends.