URL: http://money.inq7.net/topstories/view_topstories.php?yyyy=2006&mon=03&dd=03&file=8
Online broker bullish
Posted: 2:53 AM Mar. 03, 2006
Abigail L. Ho
Inquirer
ONLINE stockbrokerage house CitisecOnline is banking on declining cost of connectivity and expected growth in Internet penetration to at least double its customer base to 1,000 by 2007, its president said Thursday. "The service will pick up as people become more familiar with it," Conrado Bate said in an interview.
Existing and potential investors based in the provinces would also benefit from online trading, as they would no longer have to go through brokers in Manila to execute their trades, Bate said. Many of the company's current top clients are based in the Visayas, he said.
CitisecOnline's current user base registered an average monthly turnover of P5 million each, he said.
He noted that this was bound to improve in the coming months as the country's Internet penetration rate improves and the cost of connectivity drops.
Research firm IDC said the number of Internet users in the country would almost double to 21.5 million in 2008 from 11.8 million in 2004.
Bate said the volume of e-commerce transactions in the country is also expected to grow at a compounded annual growth rate of 55 percent from 2005 to 2009. With INQ7.net
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