Philippine Stock Exchange (PSE) president Francis Lim denied plans to resign from the bourse following reports that the PSE board is now considering three candidates for his replacement.

This follows the recent resignation or termination of key PSE officials who were heads of the PSE’s market regulation, disclosure and monitoring units.

Market sources revealed that the candidates considered so far are incumbent PSE Treasurer and former Astra Securities president William Ang, PCCI Securities, Inc. president Francisco Liboro, and BDO Capital president Eduardo Francisco.

However, Lim said he is not resigning his post and noted that his "premature departure" from the Exchange "is a very sensitive matter" and may not be good for the local capital market.

"I have not discussed the matter with Chairman Hans Sicat, much less with the PSE board. Given recent developments, my premature departure from the PSE is a very sensitive matter. It needs careful deliberation and decision both on my part and the board,” Lim said.

He added that “what is important for me at the moment is to continue working for reforms that will have meaningful and lasting impact on the PSE and our market."

Lim’s contract is still good and will not expire until the next PSE elections in May 2010. However, the bourse has the option of buying out the remainder of his contract – the same way it did for Market Regulation Division chief Joseph San Pedro.

The first PSE official to leave a sensitive position was disclosure department head Atty. Pete Malabanan in the middle of this year followed by chief operating officer Atty. Roy Rafols in September by opting not to renew his contract.

This was followed by the resignation of the PSE's market integrity board head Dr. Conchita L. Manabat, over the issue of penalizing erring brokers who failed to comply with the PSE's requirements, and followed shortly by Atty. Joseph San Pedro.