THE PHILIPPINES

Two Rival Stock Exchanges Unified: Ending three decades of rivalry that stifled trade, the Philippines completed the long-delayed electronic unification of its two stock exchanges. The Manila and Makati floors continue to trade at separate locations in the capital, but each transaction is now matched by a computer link, and standardized share prices are listed under the new Philippine Stock Exchange. Exchange executives said the merger, which had been delayed for more than a year because of political disputes and technical problems, will simplify trading and boost foreign investment. Japanese mutual fund investors and brokers have already indicated they will invest additional funds in the Philippines once the unification was completed.