Wilson L. Sy, widely referred to as the Warren Buffett of the Philippines, is leaving the Philippine Stock Exchange board after more than a decade as a director.
Sy is no longer on the official list of nominees ahead of the PSE's annual stockholders' meeting on July 4, 2026, making him the only broker-director dropped from the slate. He had served 12 years as a PSE broker-director, alongside longer-serving peers Ma. Vivian Yuchengco at 28 years and Eddie Gobing at 25 years.
Why Sy Is the Only One Who Had to Go
The final rules gave incumbent directors affected by the new limits the option to complete their current terms and still seek election in the next two annual stockholders' meetings, softening the immediate impact of the SEC's earlier proposal. That relief allowed Yuchengco and Gobing to stay on despite both already exceeding the 10-year cap. Sy, whose 12-year tenure left no such runway, had none.
The SEC Rule That Forced the Exit
Under SEC Memorandum Circular No. 17, Series of 2026, broker-directors at the PSE are capped at a maximum cumulative term of 10 years. Violators face a base penalty of P1 million per broker-director per year, plus a continuing monthly fine of P30,000 for each month the non-compliant director remains seated. A third or subsequent offense could trigger the suspension or revocation of the exchange's operating licenses.
A Career Built on the Philippine Market
Sy is chairman of Wealth Securities Inc. and served as chairman of the Manila Stock Exchange from 1994 to 1999 and of the Philippine Stock Exchange from 1996 to 1998. In 1986, following the EDSA revolution, he left corporate work to found Wealth Securities. In 1994, he established the Philequity Fund with an initial seed capital of P50 million. Philequity is now one of the most successful and longest-running mutual funds in the country.
Who Is Joining the Board
The incoming board slate reflects the SEC's push for broader expertise, adding names from investment banking, technology, and international markets. New independent director nominees include BDO Capital president Eduardo Francisco, former Maybank ATR Kim Eng Securities head Lorenzo Andres Roxas, Asian Institute of Management president Dr. Jikyeong Kang, and Thinking Machines Data Science vice president Niek Johan van Veen.
Retained for re-election are PSE president and CEO Ramon S. Monzon, former transportation secretary Jaime J. Bautista, former trade secretary Peter B. Favila, and retired Supreme Court Chief Justice Teresita J. Leonardo-de Castro. Broker-director nominees Vivian Yuchengco, Eddie Gobing, and Anthony Te remain in contention, alongside sectoral representatives Cecile L. Ang for the San Miguel Corp. Retirement Plan, Jose Arnulfo A. Veloso for the GSIS, and Marilyn A. Victoriano-Aquino for PLDT.
