SEC Letter Regarding SCCP Issues

April 17, 2000PSE MEMO FOR BROKERS NO. 097-00FOR:All Member — Brokers   RE:SEC Letter Regarding SCCP Issues Please find attached copy of the letters of SEC Chairman Lilia R. Bautista dated April 13, 2000 addressed to PSE Chairman Felipe U. Yap and Mr. Carlos L. Velayo, Chief Operating Officer of Securities Clearing Corporation of the Philippines (SCCP), concerning various SCCP issues.For your information. TDcCIS (SGD.) JOSE G. CERVANTESChief Operating Officer13 April 2000MR. FELIPE U. YAPChairmanPhilippine Stock ExchangePhilippine Stock Exchange Centre, Exchange RoadOrtigas Center, Pasig CityMetro ManilaDear Mr. Yap:We refer to the letters of Mr. William Ang to the Commission dated 06 and 10 April 2000 concerning various issues related to the Securities Clearing Corporation of the Philippines (SCCP).As resolved by the Commission in its meeting dated 11 April 2000 (SEC-EXS Res. No. 14, S of 2000), I wish to inform you of the following:1. The PSE has until 15 May 2000 to reduce its-interest in the SCCP from 51% to 20%.Contrary to the PSE's claim as contained in the letter of Mr. Ramon T. Garcia to...