Massive turnover despite price correction on the BSE
Tuesday, June 17, 2008
In its annual report released recently, the BSE said it recorded an average daily turnover of P3.4 million, which was an increase from P1.7 million in the previous year.
BSE CEO Hiran Mendis said the price correction could not be considered to have been a negative development since it helped to align market prices with value.
Whilst celebrating milestones in inclusivity, with notably P5 billion awarded to vulnerable groups, the report sounds a 'siren' on a dangerous and growing trend: the ballooning use of micro-procurement. That this method, designed for small-scale, efficient purchases, now accounts for a staggering 25% (P8 billion) of total procurement value is not a sign of agility, but a 'red flag'. The PPRA’s warning is unequivocal and must be...