PRESIDENT Benigno Aquino III has ordered the return of supervision of Securities and Exchange Commission (SEC) under the Department of Finance (DOF).
Executive Secretary Paquito Ochoa Jr. said Tuesday Aquino signed Executive Order (EO) 37 placing the regulatory commission under the wings of the DOF from the Department of Trade and Industry (DTI).
“Given the global economic crisis, the administration intends to attain an effective implementation of policies for a strong and stable financial system that will lead to a financial sector that will be able to further economic growth and development of the country,” Ochoa said.
The EO was signed last April 19.
EO 37 revoked EO 800 issued in 2009, which removed the DOF as overseer of the SEC and placed it under the DTI to facilitate the coordination of policies and programs in the field of trade, industry and investment.
SEC was originally supervised by the Office of the President (OP) in accordance with Presidential Decree 902-A, or the SEC Reorganization Act, which granted additional powers to and placed the regulatory body under the administrative supervision of Malacañang in 1976.
In the year 2000, however, EO 192 transferred the administrative supervision of the SEC from the OP to the DOF.
“In order to achieve our goal, efficient coordination in the financial sector must be ensured, thus, it is necessary and right to reinstate the administrative supervision of SEC to the DOF,” Ochoa said.
EO 37 shall take effect immediately upon publication in a newspaper of general circulation. (Jill Beltran/Sunnex)