Updated May 28, 2009 12:00 AM [ philstar.com ]
MANILA, Philippines – President Arroyo has transferred the supervision of the Securities and Exchange Commission (SEC) from the Department of Finance (DOF) to the Department of Trade and Industry (DTI).
Mrs. Arroyo issued Executive Order 800 on May 14 revoking EO 192 issued in 2000 that placed the SEC under the DOF.
In EO 800, the President said, “In order to facilitate coordination of policies and programs in the field of trade, industry and investment, it is necessary and practical to transfer the administrative supervision over the Securities and Exchange Commission from the DOF to the DTI.”
She emphasized that the DTI “is the primary coordinative, promotive, facilitative, and regulatory arm of the executive branch of government in the area of trade, industry and investment.”
Executive Secretary Eduardo Ermita, who released the directive yesterday, said the scandals in the pre-need industry had something to do with the transfer of supervision.
SEC came under fire from the public after the agency failed to detect the collapse of several pre-need firms including those from the Legacy Group of Companies caused by mismanagement. – Paolo Romero