"FOR doing its job right, efficiently, and with dispatch, the Securities and Exchange Commission (SEC) should be praised, not the other way around," declared Romeo Serra, chair of the Mindanao Business Council (MinBC).
Serra said the complaint filed by Philippine Chamber of Commerce and Industry (PCCI) against SEC-Davao for approving the amended by-laws of the MinBC is baseless and malicious.
He said the filing of the amendment to MinBC's by-laws was initially submitted to SEC on October 11, 2006, even before the mass resignation of then PCCI regional governors and the PCCI vice president for Mindanao on October 19, 2006.
As part of its official process, SEC's legal division has to review the proposed amendments to the by-laws to ensure that nothing in the document will violate the Corporate Code of the Philippines and that all technical and legal requirements are complied with.
In the case of MinBC, there were some technical corrections and documentary requirements needed for the approval of the amendment.
The final draft was submitted to SEC Davao on October 23, 2006 and was processed by SEC after compliance with all the requirements.
Records of both MinBC and SEC Davao will prove that everything was in order and followed the regular process.
The decision to amend the MinBC by-laws was approved by the MinBC board and the majority of the council members way back in 2004.
In fact, a committee headed by MinBC chair emeritus Sebastian Angliongto was tasked to review the by-laws and the proposed amendments.
The review was thorough and carefully done, which explains the length of time it took before the complete draft of the proposed amendment to the by-laws was submitted to the SEC.
This stunt being pulled by PCCI appointed VP for Mindanao is a clear indication that the new PCCI in Mindanao does not respect the authority of the SEC and unfairly questions the integrity of the very people serving under the commission.
"This lady Tamano is just trying to make a name for herself at the expense of MinBC and at the expense of the dedicated public servants of SEC Davao," Serra said.
